The story was she rented the place in the 1950's, under rent control then under rent stabilization laws.

Thanks For Texting check out Launch Control, Lead Sherpa, REI Reply, ROOR or Textedly - Just depends on volume and sophistication you need. 

There is a provision in all my contracts that permit me to assign the contract to a newly-formed entity that I control.

At the end of the day we can screen our tenants all we want, but cannot control what people do.  

best wishes  i dont do gap funding at all.. so no.. not something I would do we do JV deals every week but we have zero debt all cash and we control the process. 

I don't observe too many people buying multi-family in the Bay Area with our rent control laws but there are deals here. 

And emotional. 

No need to be emotionally attached to any property, or the time you invested in finding this "deal"

If she lives rent-free, you retain control of the property but lose the ability to claim rental-related deductions.For long-term planning, consult a CPA and attorney to ensure compliance with tax rules and align ownership structure with your goals, including potential conversion to a rental or estate planning considerations.

If there was no appreciation, there is no need to do a 1031 exchange.I have never been a fan of condo's as you lose some control over the investment - You have no control over the monthly maintenance fees, you may not have control over who is on the board, you have no control over special assessments.I wish the investments turn out well for you!