I know rental real estate investors have exemptions in this regard, so it still remains unclear to me. 

If there’s no tax basis remaining in the property, which I presume is the case given it’s 50 years old, this would be a complete wash for basis purposes.That said, if you have stock basis and this is the sole asset of the S-Corp, consider (1) dissolving the S-Corp in the same year and (2) pursuing a cost seg on the property once it’s in your new LLC.An important note is that the value of the distribution to you is the basis you’ll receive in the property.

I chuckle everytime I see people in real estate want to remain "anonymous" as it is nearly impossible unless you have a boat ton of money to spend on remaining anonymous. 

My appreciation locally remains better than what I could find in a Midwest market.

So when I use that formula I get: .69$2000 (on a more typical non loss year) + $381127 (principal remaining, 5/2050 mature date) + 470000 (~ appreciation) = 853,127/($850,000 (property value) - $381,127 (principal remaining)) = .69That is what i get with that formula but I do not understand the differnce between "mortgage paydown and "debt" as aren't those the same thing?

I have $260K remaining on the mortgage at 3.8%.

If the purchase price is greater than your remaining entitlement, you merely have to do a 25% downpayment on the remaining amount.

Whether you're considering hiring a property manager or managing the property yourself, there are various strategies to ensure your investment remains profitable and well-maintained.

I know this an old link so rather than offer my insights relative to the questions already posed, I thought I would bump the link and offer to answer any questions that remain or resurface.

Expect my insurance goes up and hoping for fewer problems in the remaining year and the future.