The one who thinks that they are masters of the universe in EVERY area of life, has 30 different businesses, claims to be fit as a fiddle, with a life in perfect harmony, shows off huge toys, has 30 different businesses, including selling their time by the hour to provide coaching... this person is not running a real estate syndication business.

What I am saying is the tax bill for you could be wildly different depending on how long your partner has owned this property and how much depreciation they have taken.  

Within the SAME area we have 3 totally different markets.- Space Coast Beaches - Condos - Buyer's market- Space Coast Beaches - SFHs - Neutral market- Viera / Suntree < $800k - SFHs - Seller's marketI thought this was interesting how drastic the difference can be within the same geographic area. 

I shot you a DM as there are most likely a few different options to consider.

I agree with @Isadore Nelson, there will be an initial sting due to to the IRA transaction but with quick math at 8% your 60k will generate about 4.8k in year one, in 4 months at 1.3k you've already eclipsed that, their will also be a larger tax for passive income and an initial penalty from the IRS, but it won't erode the 8 month difference let alone the yearly compounding effect.

Fairfax county virginia is very different than Montgomery county maryland even though they are right next door to each other and most do business in both. 

Pace is no different than the leaders of Hamas or the Sinaloa Cartel in that manner.  

I was considering the hard money lender route but got slightly overwhelmed because of the different options, rates and not knowing how to properly vet them.

Then you’ll have a better idea of where you stand and what caused the difference, if any.

The type of home you can get in White House is a different universe compared to what you'll get in Nashville if you're trying to be 5 mins from the urban core.Make a list of what is MOST important to you and that will guide your decision making.