Here's my template:Dear John & Mary,Our goal is always to provide nice places for people to live at a fair price.

Howdy folks!  I’m interested in ramping up my investing knowledge in a big way. Based in North Carolina. I look forward to connecting and growing!  Thanks. 

There is good news and bad news: good news is that there is a stepped-up basis as of the date of the gift of 50 percent of the gift date fair market value of the property as far as you are concerned for capital gains purposes.

The place needs a lot of work and has fairly low ceilings.

Not allowing pets is a legal selection criteria, unless the person is requesting a service or ESA animal under fair housing, in which case, if they and you qualify, you'd have to permit. 

I work with many investors from California.My office is Ann Arbor, Michigan but we serve the whole State.Lot to say about Ann Arbor being voted #1 place to live and retire in the country throughout the years, most educated city in the country and the Great Lakes making the area fairly climate friendly.There are some markets that are better for cashflow and some that offer more appreciation.To your success!

It's fairly easy to install (floating application) and requires little maintenance. 

I happened to call at the right time and he sold me this property at a fair price AND allowed me to place a tenant in the property prior to closing.

@Kenneth Tiedemann you can use personal account, just be sure to follow your state and local laws about security deposits.If you're parents are living in the home with the tenants, then they are also exempt from most Fair Housing requirements, but you should look into them anyways.You'll want a good lease to protect your parents and to be able to evict if/when necessary.Check their home insurance policy as it probably needs at least a rider to cover renting.

However, I'm unclear as to what the total fair market value of the replacement property need to be assuming a $1 million sales price and application of the 121 exclusion.