There have been a couple of similar scenarios on BP and my recollection was the last person was able to hunt down the previous owner and obtain a conveyance from themWith the difficulty in going after a government entity, the agent is exposed here as they marketed a piece of property with a house that appears to not have a house

What's nice though is that you are totally exposed when you have a vacancy.Are you paying for yard maintenance or requiring the tenants?

Thank you for (ex)posing your naiveté for us to see and starting this discussion.

It appears that the property is held within a partnership so the partnership would have to do the 1031 in this case(if you decide to go this route).If the property is sold outright - the gain(if any) is broken down into two components that is subject to depreciation recapture and that is subject to capital gain treatment.If the property is located in Florida and you are a Florida resident - you shouldn't be exposed to any state income tax upon sale.

This is not the ideal way to cover yourself as it exposes your primary home to a lawsuit but...better than nothing2.

The house is about 100 yr old. so the foundation is exposed in the basement, only a partition wall made of sheetrock was down there and it was covered from floor to ceiling in mold.

You just never know what you will find in those walls or below the soil.But that is why fix&flip has one of the highest rewards- and your investors are going to know that and want to be rewarded for exposing their money to this risk.Your track record will also play a factor at how much risk they will assume they are taking.

Refinance 30k out at year 3, and paid back 20k to private investorAll Cash/ Partnerships: Found a 30k townhouse rented for 725$. scrap all the money from saving to come up with 15k and partner with another investor to make it a 50/50 dealHouse Hacking: Recently expose to Airbnb and rented two empty room out. ended up rent 14 out of 31 days in the month of March and net 700$ even.

First of all, the building is served by propane for heat and hot water. 

No matter the job, you will be around and exposed to all kinds of tricks and insights.