If this is the path you choose, then do it with conviction.

But, in the absence of a crystal ball, decisions require a combination of nuanced, objective tax expertise, along with some subjective convictions regarding the future.A 1031 exchange will allow you to, generally, sidestep depreciation recapture.

To that end, the IDFPR has authority to initiatedisciplinary proceedings against licensees for violations of the Illinois Real Estate Act of 2000.The IDFPR may “refuse to issue or renew a license, may place on probation, suspend, or revokeany license, reprimand, or take any other disciplinary or non-disciplinary action as theDepartment may deem proper or impose a fine not to exceed $25,000 upon any licensee underthis Act . . . for any one or combination of” the grounds for discipline set forth in §20-20 of theAct, 225 ILCS 454/20-20.Additionally, a licensee may be subject to both civil penalties and criminal liability for theunlicensed practice of real estate brokerage:Any person who practices, offers to practice, attempts to practice, or holds oneselfout to practice as a real estate broker, real estate salesperson, or leasing agentwithout being licensed under this Act shall, in addition to any other penaltyprovided by law, pay a civil penalty to the Department in an amount not to exceed$25,000 for each offense as determined by the Department. 225 ILCS 454/20-10(a).Any person who is found working or acting as a managing broker, real estatebroker, real estate salesperson, or leasing agent or holding himself or herself out asa licensed sponsoring broker, managing broker, real estate broker, real estatesalesperson, or leasing agent without being issued a valid existing license is guilty ofa Class A misdemeanor and on conviction of a second or subsequent offense theviolator shall be guilty of a Class 4 felony. 225 ILCS 454/20-22.It is a fundamental principle under Illinois law that parties can agree to any terms, and can contract in any situation, as long as there is no legal prohibition or public policy that dictates otherwise.Contracts for the sale of lands, tenements, or hereditaments or any interest in or concerning them for a term longer than one year must be in writing to satisfy the Frauds Act.

When you apply for a license, you will likely be asked if you have been convicted of, or found in violation of, of any real estate statutes of that state?

Check into their criminal background record ... look out for charges or convictions on crimes involving DECEPTION ... these would include fraud, perjury, missaplication of proprty as fiduciary, forgery, theft, etc.

There are many jurisdictions that rarely if ever convict those who hire illegals, but I wont talk about the local governments that thumb their noses at the laws cuz thats political!

Tenants have a felony conviction from 10 years back for grand theft auto but say they have turned their life around and make good income, do you consider them? 

And super convicting.

There was also an initial charge of possessing fentanyl (a felony) but no conviction.

I also wish I would have had your conviction to plunge in head-first.