Do you have $360,000 available to you on short notice if the loan gets called?

Before you look to see if there are ways to avoid paying the tax, you should have an idea of how much tax you will pay.If the tax burden is small / zero, there may nothing that you have to do.If the tax burden is large, then you may want to consider some strategies to decrease the tax burden.Best of luck.

At this point, should we give him a 24-hour notice and go in and repaint the ceiling? 

The first thing I had noticed from watching LoopNet over the years and limited research was that dealing with commercial brokers appeared even trickier than residential.

But doing short-term is also a flexible thing you can fit into your strategy on relatively short notice.

But at a glance I noticed people average around 10% of total home price as far as annual gross income, so a $500k home is grossing about $50k a year. 

My basis would then be decreased by the $ amount I sell.  

When I am sending the notice to my rental and I know they are not there I send it certified, signature required, no not forward, and the post office returns it back to me for no one signing it and the webpage gives a day to day accounting of the letter's travels.

I understand a bank won't likely start a foreclosure until payments are over 180 days late, but what if the owner is already 180 days late and foreclosure notice is about to be posted?

Does that just increase your hold time, so decreases real estate activity?