NOTE: I learned a lot about what attracts the IRS's attention during the years I worked at the now defunct IRS's Philadelphia Service Center (the biggest Service Center in the country - all foreign returns went there as well), first as a Tax Examiner, and then after I was promoted to the Criminal Investigation Division, investigating and resolving fraud, and have discussed this with realtors in lectures that I have presented to various REIA's in three states over the past 12 years, and keep an eye on these facts when filing my own return, which includes a string of residential and commercial investment properties in two local counties that my wife and I own and operate.Jim Kennedy, CPA

 I recently bought a multifamily building and have to account for all the items in the closing documents on my accounting software.Loan Origination Fee =Appraisal Fee =Suits, lean, judgment search =Loan doc prep fee =Flood certification fee =Environmental Review Fee =Wire Transfer Fee =Title search =Title examination =Attorney’s Fees =Title Insurance = Recording Fees =Another recording fee =Electronic recording fee=delivery fee =I know how to categorize some of them.

but let's assume you have bad credit, debts, and are renting.with that, you should work on1) getting your score up to 580 (if below)2) look for a house hack / FHA at 3.5%3) Save for that 3.5%Once you get situated on that house hack and stop renting, work on your score more until 640.All the while, you need to examine why the bad credit, reduce the debt (second job if need be), and clean house with the finances. 

@Frank PerazaYou have your answer for the "what" question from @Lance Lvovsky, but depending on the FMV of the property in relation to adjusted tax basis, gifting may not always be the best answer.Facts, circumstances, and goals need to be examined to determine the optimal way to get the property from point A to point B.Might be best to let the the donee inherit the property depending on age of the donor, either directly or through a trust. 

The recorders office will file any document that meats certain general criteria, this is not approval that the document is effective.When a title company issues a title report, the title examiner will offer his opinion as to what issues have to be cleared in order for the title company to be willing to provide title insurance and take the burden of deficient title.

My inspector examined the attic in 3 places and found 3 places with big termite damage.Defeated, I decided against it and while in the yard my real estate agent checked for anything else in the area.

I'd suggest any class offered by Chris Barnett, Kandyce Ellis or Travis Everette.You'll definitely want to pay attention to the  License Examination Performance by School and look at the pass rates of each school. 

I examined their lease, rent rolls etc from previous owner and did my "due diligence".Tenants in one unit are having personal issues (marital problems), financial issues (loss of job) and domestic violence problems.

Account ClosedYou'll want to engage a tax CPA/EA who will examine your facts, circumstances, and goals regarding the property. 

With a 1031 you generally can defer the gain.If depreciation has not been taken, it might be advisable to engage a tax CPA/EA to file an accounting method change on your next tax return.Probably best to consult a tax CPA/EA in general as they can crunch the numbers for you and examine all of your facts and circumstances.