It is my understanding that the new owner will have the house at the cost basis of my purchase price, for calculating capital gains taxes or depreciation.For gift tax purposes for you - FMV.For capital gain tax purposes for the recipient - your original basis/purchase price 

As a realtor in the Boston area for the last ten years, and successful AirBnB owner up in NH, I’m ready to shift my focus to building a strong cash flowing portfolio.  

I don't live in CA, and wasn't aware of the Prop 13 passing to the next owner if it's parent to child and both live in it as their primary.

There are 9 x buyers for owner occupied houses than there are investor buyers. 

However, when contacting the principal’s home, his wife confirmed the passport photo was not his, and the birthdate was incorrect—despite the signature on state documents being authentic.Unauthorized Use of LLC: The actual owner, a 78-year-old retiree, was unaware that the LLC was still active and had never conducted any business under its name.

Plus you can be more selective of the tenants you rent to being an owner occupant!

Annual fee $25.PenFed - max 3 other properties, 89% LTV Regions- yes HELOC but no LOC SCCU Florida 70% LTV, 6.25% interest only, not LLC Sound CU "non-owner occupied HELOC, capped at $150K and interest rates are prime + 2%, 3% or 4%, based on credit, not to exceed 70% ltv.”TD Bank TIAA Direct was EverBank Tower FCU, all states except TX, max 45 DTI, green card ok.

In short, the previous owner made a deal and sold the house while they were still living for monthly cash payments until they died.  

Obviously, it's not beneficial to every property/owner, but we do see many investors benefit from it.

Owner RE has work and risk.