Also check into bylaws to see if you are allows a second freestanding dwelling on your property.

The mechanism would allow the property to be re-deeded to all of the LPs as tenants in common. 

The government closes the whole life tax deferral allowability.  

Still, you may not have to submit your tax returns. more info would be needed to know for sure, reach out to a seasoned loan officer for pre-approval and see if your situation would allow for this. 

So, you can do a land contract for 12 months, which should allow lender to credit you full value of the land vs the purchase price, but the loan will pay off the land contract, so the lender maintains first lien position.Can't help you with the rest of your question, but you should be able to search for "CPA" here on BP to find experts to reach out to.

.: The applicant needs a social security number or an individual tax ID number (ITIN).

Simply gifting him half the property now wouldn’t immediately allow him to claim the exclusion without fulfilling this residency requirement, I don't believe.One thought would be to use a HELOC to pull just enough equity out of the current home and use it to buy a smaller home, or at least the down payment.

We have allowed tenants to resolve past due debts or provide letters from previous apartment complexes confirming that damages or unpaid rent were not their responsibility.

With that said, it's all speculative of what the market will allow.

I personally think it really depends on how much value will it add to the property and if the town will allow it.