August 2020 - 68 Unit Apartment LOI AcceptedSeptember 2020 - 68 Unit under Contract / 44 Unit LOI Accepted October 2020 - 44 Unit under ContractDecember 11, 2020 - 44 Unit closed (JV). (68 Unit closing got pushed a little - Syndication)Feb. 2021 - 68 Unit expected to be closed within this month.A few things I learned: Right education.

In recently decades municipalities have passed lot minimums that render a huge number of the existing lots unbuildable, so they have had to accept grandfathering in a large number of the older lots.

My work shows that the $100k is a Section 121 exclusion and leaves $0 tax owed.The $9k depreciation recapture is tricky.

I am curious on how I should handle the news that they have an accepted offer.

@Harry Kniznik I vote for you to sell and take the capital gains exclusion. 

Landlords should accept that we are targets of the political class.

I did learn that the owner accepted an offer of an owner occupant and had said they rather have the house go to someone who wants to live there.

I already accepted it and can drop it later, but I'd like to go through with this one, or at least help her find tenants. 

She might also qualify for the 121 exclusion 

Unfortunately, the city is currently not accepting any new 'Short Term Rental' permits, but they are accepting renewals for existing permits.