In your case, changing the property from a rental to your primary residence constitutes a change in use.The depreciation recapture will be calculated based on the fair market value of the building at the time of conversion, not including the land value.Since you're tearing down the existing structure, the entire amount of depreciation taken over the past two years will likely be recaptured, as the building's value at conversion will effectively be zero.The recaptured amount will be taxed as ordinary income, up to a maximum rate of 25% for residential rental property (Section 1250 property).

@Edward Toomey V It's unfortunate you had that experience with a software purposed for landlords; however, I'd hate for you to give up on software designed to work for landlords and ditch to QB.  

I'm new to the market but not new to investing and looking for wholesalers and other investors to work with.

List price is 320K and it has been on market for 60 days.

I almost exclusively sell bank foreclosures for a large asset management company, and I also do a lot of marketing for wholesale deals.

Originally posted by @Joseph Binkowski:Hey BP Community -I was sitting-in on an investor presentation for a syndication of an attractive 320-unit Class B MF development in a fast-growing market, and then I realized... it was a 506c project for accredited investors only [which I am not.. yet:)]So then I began thinking...How can I possibly get involved?

Ive invested in the Boston & DC markets for 22 years now.

Start by analyzing cash flow and market demand for each property to decide which one to rent out.

I think it is different if you live there, speak the language, know the market.  

Alternatively, investing in money markets is another consideration.