My extensive experience with heirs and probate tells me that nothing is as simple as just buying your BIL out.

It is a cannon in both, and almost engulfs simple tasks, making them overcomplicated. 

Thankfully we’re more in wine country and less in Shenandoah (though only 25 mins from the park) and have been totally fine because we capture winery/brewery hopping guests and horse show people.

@Blaison Samuel No, but a simple Google search reveals someone who has bought a ton of domains, all with the keywords "J T Foxx complaints and J T Foxx lawsuits" ......possibly an attempt to bury any criticism of the fact that there was a lawsuit alleging sexual harassment of a minor, or comlpaints of him charging up to $60,000 for whatever it is he does.http://www.bizjournals.com/prnewswire/press_releases/2012/08/24/LA62361Does that help?

-If not, then I wouldn't add $100k of 'Value' to the property just for having an established Pizzeria, since as a simple landlord, it all breaks down into the return calculations above (hinging on rent/mo from your tenants, whoever they are) which at your current estimates would leave you under-returning compared to a money-market account earning 5%.Now keep in mind, I have been discussing the long-term hold return of this investment.

He mentioned it won’t work for an extended period of time due to family situation, but if he’s only a few months short I’m sure that’ll be worth the hassle to capture the full exclusion.

Becoming a Key Principal (KP) in other people’s commercial real estate deals is a great way to shelter your income, participate in several deal at the same time, minimize / spread out risk, capture equity w/ a preferred double-digit return at a discount cash-out-of-pocket investment. 

Simple question for you tax gurus! 

Start talking to other lenders, plain and simple... you preapproval does not hold you obligated to anything.

A simple Google Search will uncover these facts.BTW, I am not looking to do commercial real estate.