We have excellent credit and cash capital.

Here in Florida there are some opportunities to purchase a brand new home, cash flow, and minimize your capital expenditures for quite a while.

Some special assessments are already board-approved for 2025 and 2026 to help raise capital for such items, however I know when the time comes there will be a loan which likely demands a higher monthly payment for owners -- reducing my cashflow. - Based on sale of other units in the complex, I believe my current equity to be roughly $160,000, a little more than 50% equity. - The condo is currently leased through April 30, 2025. - August 2025 will be 3 years since I moved out.

If they pay late now as is, let's say they lose a job or have a temporary loss of income, you're kind of SOL.I would look to build reserves between now and August.

Would you have net income or net loss without the cost seg study?

Just be mindful that you can't 1031 a personal residence but it might be eligible for capital gain exclusion from section 121.

It is my understanding that the new owner will have the house at the cost basis of my purchase price, for calculating capital gains taxes or depreciation.For gift tax purposes for you - FMV.For capital gain tax purposes for the recipient - your original basis/purchase price 

Personal Financial Statement Borrower’s Schedule of Real Estate – or- Resume illustrating experience2-3yrs Personal & Property Tax Returns – All schedulesPrevious Year and YTD Property Profit & Loss statement w/ detailed expensesRent Roll w/ detailed lease informationCopies of all Leases3mo.

I would imagine the LLC will have its own EIN, but we will still report the gain/loss as pass-through income on our joint tax return.

@Gregory Wilson can you be more clear about what you mean about a loss?