Important factors are:The situation causing the sale arose during the time you owned and used your property as your residence.You sold your home not long after the situation arose.You couldn’t have reasonably anticipated the situation when you bought the home.You began to experience significant financial difficulty maintaining the home.The home became significantly less suitable as a main home for you and your family for a specific reason.So, for all the reasons I mentioned in bold above, would it be possible to get out of paying capital gains if I sold? 

I wrote a proposal to my landlord stating the situation and gave my BOLD proposal which was: asking to her to reduce my rent by $200 (from $1300 to $1100) for six months, then in 6 months I will pay her $1500/month until caught up.

I wrote a proposal to my landlord stating the situation and gave my BOLD proposal which was: asking to her to reduce my rent by $200 (from $1300 to $1100) for six months, then in 6 months I will pay her $1500/month until caught up.

Get with people who have boldly stepped into deals that will significantly improve your financial position and learn from them.

I don't have that, Max, but I add via the little pic icon at the bottom of the reply box next the bold and italic buttons.  

I have no money with them and no connection but that a pretty bold statement.

It's pretty clear in bold letters on loan docs that it is an owner occupant loan.Plus, closing attorneys usually mention it when you're signing the papers...especially if they know you're new.The bank likely wouldn't not fall for the story you were going to live in it if you closed in 16 days and had it it rented out within the month.Your best bet is to cross and your fingers and hope they don't ask in the next 12 months.

I have been researching corporate structures and am getting some conflicting information.A tax adviser is suggesting that I setup an LLC in Wyoming, with a trust as the owner, and with me as the sole beneficiary of the trust.I read several articles that say I may have to register the LLC as a foreign entity in my state, New Jersey, because I would still be "transacting" in in my home state.I read some exemptions on what constitutes doing business though:(7) creating or acquiring indebtedness, mortgages, or security interests in real or personal property;(8) securing or collecting debts or enforcing mortgages or other security interests in property securing the debts and holding, protecting, or maintaining property so acquired;I'm trying to figure out what the bolded section means as far as owning income producing real estate, it looks like it may be exempt?

Bold accent wall paint by Benjamin Moore, Cheating Hearts.

Seller financing is great, however, you should go in with 3 offers in mind:  all cash, low price;  seller financing, little higher price; long term lease with option, the highest price of the three.If they go for the seller financing, be bold--ask for long term w no balloon and no interest.