This would allow you to defer the capital gains tax, and instead of taking a large tax hit, you would be able to use the tax to invest in a nicer property/properties.

After that is done, head over to IRS.gov and apply for your EIN (Tax ID).

The 15% tax hit is a one time expense, versus 4.3% is annual interest.

In non-community property states a husband/wife LLC is supposed to be treated as a partnership  And transferring from a revocable trust (reported on your 1031) to a partnership LLC (that files it's own tax return) is changing the tax payer. 

If you do not get that tax credit its usually not profitable. 

@Frank FloresInvesting in delinquent tax sales in Houston can be profitable, but it comes with risks.

The cashflow should cove ALL of the expenses for the primary (mortgage, taxes, insurance, utilities, etc) AND put money in their pocket.

It'll be important to know how much taxes you're gonna be paying when you sell it.

Best to check with a tax pro to ensure compliance!

My mistake for not inspecting the property beforehand. Paid 12800.based on google mapsThe property is a mess. Need to clean the junk out of house .. hoarder . Bathroom and kitchen need redone. Large tree in back is de...