Here's a good folder setup.Bank StatementsCredit Card StatementsProperty Management StatementsMortgage StatementsSTR Platform StatementsInvoicesReceiptsClosing Documents (Purchase/Refi/Sale)LeasesCheck & Deposit ImagesVendor ContractsW-9’s & 1099’s

Purchase price: $840,000 Cash invested: $75,000 Sale price: $1,200,000 Full renovation of all 4 units.

The key is that in order to completely defer all tax you must purchase at least as much as your net sale. 

Fun fact: Before deciding to become an entrepreneur, I worked as a Ticket Sales Representative with The Memphis Grizzlies!

Quote from @Milena Garcia: this sale I hope is all done after 2 months..

They either list owner-occuiped houses for sale or know they can show a normal buyer 5-10 houses for a sale.- It's not profitable for them to search for under-market priced houses, figure out repairs needed or what other problem is pushing the price down and do even more for a newbie investor that has analysis-paralysis and may never buy anything.Some questions you'll want to share the answers to with any agent you choose:1) Are you paying cash or getting a mortgage?

You will need to justify the sale price of those assets to the new owner at their then current value on your books.It is a big hassle to do this, but it can make you a lot of money if you do it right and are careful in your record keeping.

Getting a bit overwhelmed with all the required County Level and City Level business licenses, STR permits and Tax accounts (Business Tax, Franchise & Excise Tax, Sales & Use Tax) to register with the state.

Actually, it is possible do structure a 1031 Exchange on the sale of one or more relinquished properties and then using the proceeds through the 1031 Exchange to construct improvements on real property you already own.

For the son to qualify for the $250k exclusion, I believe he would most likely need to meet the ownership and use test, meaning he needs to own and live in the home as his primary residence for at least two of the last five years before the sale.