Send them notice of balance due, file collections, and sue them in small claims court. 

I spent about 35K fixing it up and was all in about 50K with taxes and court costs etc. 

These two you sent are sold but I will keep my eye on this complex :)

You can exchange tax free into about a $2.8mm class B apartment complex.

I have seen some people tell the owners that they can rent it after they sell it but if they did not make payments to own it why would they pay rent and you will simply be heading to court to evict them. 

This is the problem with taking payment for the last month when a lease can extend indefinitely.This arrangement is illegal in PA due to a court decision 10+ years ago.

With that information you can then adjust based on your design's location, size, complexity, and finishes, subtract off what you think your materials savings are, and then voila, there's your estimated labor cost.The cost/sf question gets asked all the time on the BP forums so there are already a bunch of responses out there.

We’d prefer to not deed their interests to 2 separate SMLLCs as this creates complexities with having to maintain multiple bank accounts, etc.

- personally at SMARTLAND as experienced heavy lift multifamily operators - it is a complex process and requires a team, time and skill - Yes, you can lift a property and value moderlty quickly if you have the right tools and process in place, no doubt, but you have to also have the correct financing tools in place and appropriate cost-basis to withstand turbulence along the way - (no straight path) - the short term mezz loans into this constricted/constrained lending environment is tough, even more tough with raising cap rates, market repricing = requires more time to season and continue to hold, unfortunatley as we have discuss to the max on this forum time was not on this operators side with the short term adjustable mezz loan -**Pref Equity has entered many deals in the past 18 months advance of LP positions, also took a GP slice along the way  ---- 

As a specialized real estate CPA, I'm here to provide expert guidance on your most complex tax matters, from navigating 1031 exchanges and cost segregation studies to optimizing your rental property deductions and handling multi-entity structures.