In that case there would be an additional contingency clause in your purchase & sale agreement outlining the contingency upon the other transaction closing, and this would be separate and distinct from the 1031 Cooperation Clause.The 1031 Cooperation Clause is just to notify you of the buyer's intent.

The exemption explicitly states “leasing” rather than “licensing”; this distinction is important for lodging such as short term rentals, which are required to pay this tax even if you own three or fewer units.NM Compensating Tax - I believe I fall under the same exemption as the Gross Receipts tax exemption, so I think I'm exemptNM Wage Withholding Tax - I do not have any employees, so I think I’m exemptNM Worker's Compensation Tax - I do not have any employees, so I think I'm exemptNM Corporate Income and Franchise Tax - I do not have a corporation, so I think I'm exemptBernalillo Property Tax - I need to pay this taxBernalillo Business Personal Property Tax - my rentals are residential, rather than commercial, so I believe I’m exemptABQ Hospitality Tax - I lease for longer than “at least 30 consecutive days”, so I think I’m exemptABQ Lodger’s Tax - I lease for longer than “at least 30 consecutive days”, so I think I’m exemptAm I forgetting other taxes?

Really just something to keep it distinctly separate from you.  

Instead of the appreciation, you can make a return on your investment each year instead of waiting many years to sell for a large sum.In summary, the primary distinction lies in the investment goals and time horizons.

I'm young in the game, my mentor Christopher does it all; flipping, rentals, private/hardmoney lending (whichever distinction you choose to draw from those two i suppose).  

No matter how much you sugar coat your reasoning for selling in high volume without a license; before a Wisconsin court of law, or any other states adopting similar statues, codes, articles, chapters, etc. its distinctly evident that you, or your LLC if you operate through one, display a pattern of sales that coincides with what the law expresses as being illegal without a license.

You would have thought this was the 10th annual BP Conference, not the first.As I was mentioning to a few folks over lunch today, I think the biggest distinction for me between every other conference, networking event, etc that I've ever been to and this one is that the relationships you build here are genuine.

Is there a distinction, or am I just grossly over-thinking this?

Gale, you make a very important distinction and you emphasize that even if you are working (not passive) and maybe not making as much as you would like, the fulfillment from doing something you WANT to do instead of something you HAVE to do can be more compensation than the money itself.

@Clark MeyerWelcome to BP.East Cleveland is generally considered a nightmare and it's actually a distinct municipality from City of Cleveland.