Thank you uncle sam. 

Quote from @Roger D Jones: Quote from @Fred Scott: @Roger D Jones:  Any insights on why the North Carolina purchase in Fund IV makes you nervous?

Quote from @Roger Paschal: Quote from @Quentin Hollis: I'm currently working on my first real estate deal and will be buying a property subject to the owners existing mortgage.

There is typically one or more heir that feel he or she deserves more then all the other heirs because the took care of auntie or uncle and  hires an attorney to contest the probate.  

Imagine making millions of dollars over the course of your career and then having to pay 30-50% every year to uncle sam instead of compounding that cash over time.This is exactly what real estate professionals have learned to mitigate.To reduce their taxable income, they just buy a building every year, do a cost seg, and use depreciation to reduce their tax liability dramatically.Their personal wealth snowball grows much larger and much faster than their W2 counterparts who give most of their money back to the government each year.Following this strategy as a real estate professional is one of best ways to end up with a much larger net worth at the end of your career.

Quote from @Roger Bremmer: I’m in Vegas @Allen DuanWhat do you do in Las Vegas Roger? 

@Tim Rogers Do you have a CPA that specializes in real estate taxation?

Quote from @Roger D Jones: Emory,Great question but a lot to unpack. 

@Eric SmithGenerally, if the taxpayer sells the relinquished property to an unrelated party, the taxpayer generally cannot acquire replacement property from a related party unless:The related party is also participating in a 1031 exchange.The related party pays more in tax on the sale to the taxpayer than the taxpayer is deferring in the exchange (this scenario is rare).Let’s look who is considered a related party: Spouse, children, grandchildren, parents, and siblings.Corporations and shareholders owning more than 50%.Commonly controlled corporations.Partnerships and partners with more than 50% interest.Trustees, grantors, and trust beneficiaries.Non-Related Parties:In-laws.Aunts, uncles, nephews, nieces.Friends.Domestic partners.Entities owned 50% or less by the taxpayer or a related party.In your case, your mother-in-law, aunts, and cousins are not considered related parties to you under the definitions in Sections 267(b) and 1031(f).

@Roger CreekmoreMini splits sound like the best option from the cheap seats.