This seems like a lot of work to save 15% of $35k in taxes (Less than $5k.) especially if you have transfer taxes or title insurance, or you convert your long term 15% rate in to your son’s regular income tax bracket.I hate paying taxes as much as the next guy but this lemon isn’t worth squeezing.

Quote from @Alex Fierro: Greetings, finding a business/real estate lawyer that will actually return calls or emails has been taxing so I decided to post here to get the advice from all the gurus.

This would be ideal in terms of cash flow (after a few years) and equity appreciation since you'd be achieving tremendous returns on limited equity in the form of appreciation, principal paydown and tax benefits aside from only cash flow. 

Real estate pros buy property using leverage and bonus depreciate to perpetually defer taxes.

Actually I do have  the comparables since every year I have fought with the county to lower my property taxes :)!

And or just walk away and leaving yet another dilapidated house in the hood. they need to pay prop taxs and utls etc..

While I don't see it on the IRS tax information, if I remember from the conversation with him, I think you have to buy properties that need significant improvement. 

TenantCloud: https://www.tenantcloud.com/Inaggo: https://innago.com/RentRedi: https://rentredi.com/TurboTenant: https:/turbotenant.com/Avail (Realtor.com): https://www.avail.co/Minimum requirements:-Low (<$20/mo) or No Cost-Listing/Syndication-Background Check (Credit, Criminal, Eviction, Income)-Application and Lease with eSign-Automated Payments (prefer an option without fees)-Easy to export financials for tax purposesQuestions:1.

They should put the tenant on notice, and indicate their intent to terminate their lease if they don't correct the problem.If you have no such clause in your lease, you can find the owner of the property using tax records, then skip trace the owner and contact them to let them know of the situation.

You often only have to worry about tax upon the profitable sale of an asset.