Sole proprietors (Schedule C) and disregarded single-members LLCs have May 17th deadline, which is the new deadline after the IRS extended the traditional April 15th deadline.

Thanks to a couple of things, the number of value disputes has exploded to the point where a lot of lenders are automatically disregarding any request for reconsideration of value.  

So, aside from single member LLC's being disregarded for Federal purposes (not sure how your State handles it), how do you deduct the interst portion of the mortgage payments? 

I've had a few intro calls with them and they propose the following:- WY LLC that acts as a Holding Company- Create multiple LLCs under the Holding Company- NOTE: this is different from a Series LLCThey claim that since your information will NOT be on the WY LLC Holding Company (for anonymity) and each LLC is a disregarded entity under the Holding Company, and therefore, doesn't file a tax return, you do NOT register any of these LLC's in the state of CA.

In fact the entity is disregarded from it's owner for Federal Income tax purposes.

Personal use also includes time spent at your place by another party under a reciprocal sharing arrangement (“I use your place in exchange for you using my place”) whether the other party pays market rent or not.Days devoted principally to repairs and maintenance are considered days of vacancy and are disregarded, even if family members are present while you work away.The tax drillVacation homes in this category are treated as personal residences for federal income tax purposes.

A single member LLC defaults to disregarded status from it's owner for Federal Income tax purposes.

You could each acquire your own undivided interest through a single member LLC and disregarded entity if you are worried about liability protection, which would still qualify for 1031 Exchange treatment. 

If the LLC is an S corporation, and you purchased the LLC you would NOT get basis step up.If the LLC is a single member LLC (disregarded entity) you would get basis step-up.If the LLC is treated as a partnership, you would get basis step-up as long as the partnership elected to make a Section 754 election."

Disregard what I said.