Tax impact, cash flow, leveraging, etc.  

Selling a primary residence and then buying it back as part of a 1031 exchange could raise red flags with the IRS.Your parents have a valuable opportunity to defer a significant amount of taxes by utilizing the $500,000 exclusion on their primary residence.

Quote from @Bill Hampton: @Brandon MorganAn LLC will not reduce your taxes.

I'm a contractor based in Maryland and DC, so the renovation aspect is well within my expertise, having done numerous projects for other developers and general contractors.However, I'm facing a challenge when it comes to choosing the interior design elements, such as bathroom tiles, colors, sizes, fixtures, etc.

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During the term of the contract, are the taxes the sellers responsibility, and should be factored into the payment?

.: I have a main company, that owns a bunch of LLCs, each LLC holds a single real estate asset. 1 of the LLC also acts as a management company for the entire portfolio.Now it creates a problems that with each LLC, I need to file a tax return each year. and so far I am doing them by excel copying numbers from bank statement, which is a nightmare.Quickbook online charges $24 each month in Canada, which really adds up with the number of holding LLCs. and I don't feel like what I require from it justify the cost.

I’d keep it, do a little cash out refinance if you wanted to regain some of the $, and just rent it out or STR it and make some money on it..Appreciation always goes up, and a few years down the line (and/if interest rates come back down you could pull even more $ out Tax free!)

Texas notched another technology win this week when Apple said it is planning a new 250,000-square-foot factory in Houston to make servers for an artificial-intelligence system.Tech investments are transforming the Texas economy, often via companies from California in search of lower taxes and fewer regulations on land use and labor.https://www.wsj.com/business/texas-tech-industry-move-26f9e7...

I'd recommend a background check for any other entities owned by the members with a history of BK, tax liens, etc, and for any UCCs/tax liens currently filed against the entity.