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

They would get that $500K tax free and the rest of the tax would be deferred in the 1031.A very elegant solution that puts $500K tax free in their hands now. 

Just a heads up this will not be tax free, it will be a pro-rated exclusion.

Your actual property taxes alone on that will be over $10K a year in 2025 and don't forget about that supplement tax headed your way.I would suggest keeping the others and maybe changing to LTR if that will give you consistent cash flows.  

Tax Savings:While it’s true that the stock market has been strong, real estate offers unique tax advantages that aren’t available with other asset classes.

Wyoming has no state income tax.4.

Now, this would obviously be negatively cash flowing since you would need to pay taxes and insurance.

However, in California, each LLC incurs an $800 annual franchise tax plus gross receipts fees if revenue exceeds $250,000, and property insurance may cost more.

My tax professional is stating that I would need an appraisal to show the lot/structure are valued at $400k if I try to claim $200k as a donation.

@Palak Patel copied from our website, so use what's useful for you:_________________________________________________________________________Below is more information about what our Applications Department does to screen applicants and find the best tenants possible for your property.Required InfoWe require the following from each applicant over the age of 18, that is not a dependent of another applicant (as evidenced on a tax return):Copy of acceptable state picture IDRecent YTD paystubRecent W-2Recent Bank Statement, all pages, no info blacked outRecent tax return if self-employedApplicants are often slow about turning this information in, asking us why we need it and then taking several days to submit.