Initial Amortization Schedule: 12 years (144 months)6.

I think THIS can be better than a 1031 exchange because the seller will start off with a fresh depreciation schedule in the new property.

@David Hyman we recently started this group - will be scheduling the next meetup in the coming dayshttps://www.meetup.com/long-is...

Joint tax return?  

I don't think our detroit land bank sale properties with tax liens I would have to look into that. 

Intangible assets like goodwill or tangible personal property (e.g., equipment) are excluded from 1031 treatment and are taxed separately—goodwill is typically taxed as a capital gain, while equipment may be subject to depreciation recapture taxed as ordinary income.To minimize taxes on the sale of the business, consider strategies such as Opportunity Zone investments, which defer gains until 2026 if proceeds are reinvested in a Qualified Opportunity Fund (QOF), or structuring the sale as an installment agreement to spread taxable income over multiple years.

According to our understanding:1) California does not recognize REP status, but we could claim it on our federal taxes, is this correct ?

However, this means you’ll need to comply with the annual filing, franchise tax, and reporting requirements in both states.

What paperwork should I keep a paper trail of to make things like taxes and other situations better/easier for myself?

To markets where you’ll gain long term tax free wealth.