Hello,   We held a rental property in an LLC ( TX prop and TX LLC) for approx 4 years and now selling it.

So he's only held them for around 2.5 years.

My cousin keeps mentioning the "look back" regulation that requires transferred assets to be held for 7 years before he could liquidate them without the state "taking" everything.  

Tossed a renter in there for $950/month, held it for a while, and sold it to an investor for $70k who just wanted rent income.

This is why my rental agreements state the tenent is responsible for pest control and it has held up in courtSo many problems I see landlords having with tenents can be avoided with the proper rental agreement Perhaps such as clause is not legal in your state, best to pay for a consultation with a trusted Atty.   

So I understand clearly, youHave never held a sale associate license but your studying for your broker license?

I am not saying your tenants should not be held responsible (but if they challenge you, you need to have documentation).

The listing agent (at least in WA so I can only assume elsewhere...) cannot withhold knowledge of a material defect, well, they can, but they could be held liable later by a court and/or their MLS.

Done right, holding might just meet the needs of your retirement, children's college education or other financial objectives of your golden years quite nicely, making you appreciate that foreclosure you bought and held in Parker way back when.  

It was a part time thing for them as they run a business as well, almost 6 months of that time they were held up with some planning issues, it takes a little longer to get approved over there and they were denied for the initial planning. so the place sat for a while with no work being done!