In your case that would be $2825/year or about $235/month.If your place is not fully rehabbed, you have nothing budgeted for capital expenses.

Keep for at least a year to get capital gain rate.  

Duplexes and multifamily are an option as well, although the dynamics are a little different.If I was still living in BR, I'd househack somewhere in Mid City - capital heights, hundred oaks, poets corner, overpass, etc.

Great tools that get updated regularly.I am on the lending side of things and would be happy to hop on a call with you anytime to discuss financial strategies and help answer any questions you may have about nearly any loan product available to help you on your journey, even if they are not products my capital partners offer.We are all here to help you learn and grow.

For the seller (John) to defer capital gains via a 1031 exchange, the sale proceeds must be reinvested into like-kind property within 180 days.

I am willing to give up control to benefit from the experience and efforts of a good operator that I trust when I have the capital to deploy.The main reason for this has to do with time.

We have CDs maturing at the end of the year that could fund a new primary residence.Should we:1) Sell it with no Capital Gains tax.

You could point out that since it's a rental for the last 12 years, she will have some serious capital gains to pay with a regular bank-financed sale, and with your proposal, that tax will only come due after the balloon payment. 

Since you're aiming to purchase a multi-family property in Long Island, especially with the help of a capital partner, it’s crucial to run the numbers carefully (rental income vs expenses) to ensure you’re set up for success. 

I see the value in generating consistent cash flow and building long-term equity through this strategy.Available Capital: I currently have 100k available to invest.