@Steven Hamilton II , @Charles Perkins , @Bill Walston and Dave NA can perhaps give you more or better info.

Pay me now or pay me later.What Charles Perkins was trying to say is that you need to be sure of your adjusted basis.

Please give a better description of what you have been getting done in terms of renovations, and I'll bet that Steven Hamilton II or Charles Perkins will give you a more exact answer.

It may or may not be enough that you posted the notice properly.Charles Perkins Good point.

Charles Perkins or Steven Hamilton II, I'm sure both understand how a money partner buys a property in a partnership or LLC and has his partner do the work and then split profits.It appears you can't get past your assumption that Lamar is lending, which he is not.

Charles Perkins, seems like it is dividing the amounts in two paths, one along what was reported and tax is computed and the other being recognized as a gain.

But let's summon those with more expertise for their opinions: @Steven Hamilton II , @Charles Perkins , @Bill Walston , Dave NA 

Maybe @Steven Hamilton II , @Charles Perkins , @Bill Walston , or Dave NA can offer better info, but I believe you are wanting to do "cost segregation".

Maybe Charles Perkins BPs resident CPA can speak up on this one.

I know you’re looking at this as a simple way to transfer title, but a wise buyer will want to do enough due diligence to confirm that there are no other obligations associated with its purchase, as enumerated above by Charles Perkins (i.e. would you buy a property without title insurance?).