After an emergency fund in the business accounts, we also saved up excess from the rentals so that they could buy the next property.  4.

.- If you have a loss which you might at least on paper, you can deduct all looses against your W2 income without limits.- Structure: Form LLC, if you have looses don't treat it as an s-corp yet, since it is an added unnecessary cost at the moment but do form it.- Have kids: Hire them, they pay no tax up to 12K each and you get to deduct 12K.

While new development due diligence might easily take 6 months +  so you would likely loose the contract before they would be able to complete their DD on the purchase.

If a $1mm property is depreciated halfway down to $500k and then exchanged for a $2mm property the basis in the new property should be $1.5mm for the $500k carryover basis and the $1mm excess over the original property. 

The other thing is my father wants to retire and selling the property would be his retirement money which he is afraid he may loose if we go through in getting involved in a huge project like this.

After that I would compensate them hourly if for some reason there were an excessive amount of things for them to handle during one month.  

Hi,As I understand, the inheritance tax that a foreigner has to pay to inherit a property from another foreigner is 40% from the excess in the market value of $60k of the inherited rental property located in the US.To mitigate this low exemption compared to US citizens, I am thinking of establishing a general partnership.

Then sell, buy a duplex and combine any excess proceeds with your other savings to buy a second rental. 

You could tell the tenant tough luck, but what if they had nothing to loose and found some ambulance chasing attorney to sue you.

I’m starting to wonder if that’s excessive