Consulting a tax professional or financial advisor familiar with these rules would be a wise step before making any decisions.

Typically, I also avoid paid education because there is so much free content.

You and your legal, tax and financial advisors should review this transaction in greater detail, especially the PLRs, to ensure you understand the significant risks involved and are structuring the transaction as close as possible to the PLRs to mitigate some of the risks.

It’s crucial to consult a real estate attorney and tax advisor to structure the transfer in a way that minimizes tax consequences and aligns with your objectives.

I was working as a financial advisor for Merrill Lynch.

I reached out to my investment advisor who pointed me to a couple books that opened my mind to the other possibilities.

RELATIONSHIP WITH YOUR ADVISORS 🤝Good QIs:Work well with your teamRespect professional boundariesCommunicate clearlyStay in their laneRemember: The best QI relationships are professional, not personal!

How to Track Regulatory ChangesStaying up-to-date might seem daunting, but the right strategies and resources make it manageable.Key Resources:Local Government Websites: These often publish updates to zoning, rental, and housing codes.Real Estate Associations: Organizations like the National Association of Realtors (NAR) or local landlord associations offer regular updates and seminars.Newsletters and Blogs: Subscribe to reputable legal or real estate blogs for insights into upcoming changes.Professional Advisors: Build relationships with real estate attorneys and property management professionals who can provide guidance tailored to your market.Pro Tip: Set up Google Alerts for terms like “rental law changes” or “landlord regulations” in your area to receive real-time updates.3.

Most advisors consider the two (2) year holding period mentioned above to be very safe, but remember it is your intent that matters. 

When searching for a tax strategist / tax planner / tax advisor - the sooner the better.9.