However, it appears you not lived it in for 1 out of the last 5 years.You can decide to live in the house for the next 2 years and use the same strategy.You can also use the like-kind exchange that was discussed.Creating an LLC will not help in your case - if anything it will just add up some administration costs.SIngle member LLC or a multi-member LLC are "pass-through" so the character and types of gain will "pass-through" from the LLC to you and your wife.

I signed a contract at the beginning with a GC that was more general than I wanted considering the large price tag, but he kept saying that he couldn't make it more specific until they busted up the concrete to see what was really going on (lots of unknowns due to age and character of building).

But where you see a shady character trying to squeeze your friend for more money, I see someone desperate and more than a bit foolish trying to make up for lapses in the contract's language to deal with a situation that has clearly gotten out of hand.If I were your landlord, I would still start the process of evicting your friend and let the magistrate decide how unclear the language of the contract was, and make sure that the case was in the record even if it cost me money and I lost.

That speaks volume to your character and how you will do in this business! 

Several you should pay attention to are:- Ordinance & Law: Provides additional building coverage to deal with rebuilding costIncreases due to changes in Zoning or Building laws- Personal Injury Liability: Libel, defamation of character, wrongful imprisonment, etc.

This hit us hard but we do not want to have to deal with legal fees and more time if we had to file a larger amount, higher a lawyer, file with a different court vs Small Claims.So part of the reason why the difference is so large is because 1) we were hoping we could have a contractor come and just sand, fill, and refinish the areas that were damaged but due to the floors being engineered wood and also having a certain character to them, we can't have them sanded or you would be able to see exactly the areas that were sanded. 

Finding your team on the ground can be a daunting task and unfortunately there are both uneducated investors as well as bad characters in any city.

However, allocating 80% of a building to low/mixed-income housing is a bit aggressive given the neighborhood character and the potential effects of that understandably violate the basis for why so many people move into Jefferson Park.

My parents went into town and talked to people, and it turns out that the longtime owner of the land had sold a parcel just a few months ago to this pair of characters who were known for running this same spring scam throughout the area.

But the lesser grade lumbers like #2 offer a great value and the irregularity can add tremendous character to your rental.