That's a huge deal and could result in Federal jail time. 

Proc. 2018-58 extends the deadline in cases of federally declared emergencies and the exchange is a transaction governed by Rev.

.✅ Investors - Keep detailed records of ALL rental property expenses to reduce your taxable income - helping your CPA spot additional tax saving opportunities.Imperative to use a CPA who is well versed in Real Estate tax code.My CPA is just that - DM me to get his contact information....

Your reporting on your federal return shows whatever recognized gain is recognized. 

You'll probably want to look into having your assets held in a living trust or some other kind of trust if wishing to avoid probate in California.As to your question about the mortgage, there's a federal law that the attorney might be referencing that generally protects transfers into a living trust from causing the need to refinance, but would need more details to discern.

Lenders will often still want to see a personal balance sheet.The problem with a SMLLC that is disregarded for federal income tax purposes is that you may decide to bring on partners or flip to an S Corp a few years down the road. 

Use a promissory note drafted by an attorney to outline loan terms, including an interest rate that aligns with IRS Applicable Federal Rates to avoid gift tax issues.

Bottom line these are NOT federally regulated or state regulated loans.. they who have the gold make the rules.

Having said that, the federal government put a restriction on buying houses if you don't live here. 

A purchase agreement is a waste of time and energy and complicates the issue for Harry Homeowner.This is not a beginner strategy as there are federal laws concerning approaching debtors who have been given a notice of foreclosure.