Bottom line, the neighbor does not want to relinquish control over the land.

While we are in title you are in control and funds from the exchange account (or anywhere else) can be used to improve the property. 

@Brandon Malone Our insurance company frowns upon any tenant controlled gas in the units.

You can contact HCR (DHCR), the NYS agency that regulates Rent Stabilized and Rent Control apartments in NYS and ask them for a report showing the status of each rent stabilized apartment in the building.

Bottom line, you have to be in control in this business.

I don't find anyone abusing heat or air conditioning and since I provide all utilities including the Internet, I have actually come too appreciate the simplicity and additional control I have.

My aunt tells me her daughter is trying to steal her money, because she controls her finances.

You're speculating on city projects but you can't control those things.

HOA's take a substantial amount of control away from the owner and the monthly dues will always have a negative impact on your cash-flow.

After ten years compounding at 5% that amount would be worth $1,348,602, which would really be $1,256,344 after accounting for LTCG @ 15% (1,348,602-733,500 * .15).Final amount for condo conversion: $1,256,344Pros: After money is reinvested, passive incomeCons: Taxed twice, once on sale, once when investments are sold, no real control over money once investedScenario 2: 10 year holdI pasted my numbers at the bottom of this post so it's easier to see, but my thought process was as follows:1) Calculate value based on reasonable appreciation trends, plus cash flow.