If you can capitalize on those early returns and recycle into another property with similar early trajectory, you will end with much more money over the same period of time.Of course, being able to harvest those gains and recycle in a tax deferred manner helps even more, so you may want to seek out syndicators that are able to offer 1031 exchanges on exit, which is definitely possible.

But if she holds on to the properties until death the heirs will still inherit at a stepped up basis - in other words any deferred tax goes away with her death.I'll reach out via pm and colleague request to give you more information

Under the current law, the taxes would be deferred until 12/31/2026 and ultimately due by 04/15/2027.

One year we did a cost segregation study on a newly purchased more expensive property to accelerate depreciation for a tax deferment.

Layer on better quality tenants and there are a lot of missed opportunities focusing on metrics that present favorably on a spreadsheet in the lower tier markets. 

I have had office space in Astoria for 5 out of my 7 years in the business and it remains my favorite place to work.Newer developments present a wide range of opportunities, including:Affordable housing rental unitsNew high-rise condominium buildings Small boutique condo developmentsMixed-use buildings2-4 family new-construction residential propertiesFilm studiosAstoria’s high cost of living is akin to other neighborhoods in the ‘outer boroughs’ with Manhattan views or proximity to the island.

I you don't qualify for the 121 exclusion you can still do a 1031 exchange and defer all the capital gains tax. 

That then presents the opportunity to convert the building to a condo which could be more ideal. 

This is of course barring your PM agreement.If they don't upcharge on maintenance, and the rents are still at the level you want, I would get that deferred maintenance knocked out then fire the PM.

@Jay HinrichsI was presented with the Renatis plan also.