In this instance, all properties involved in the exchange must qualify as an investment (ex. rental) or business-use property.2)  If the property is currently titled in the name of the trust, the trust would technically be the taxpayer/exchanger completing the exchange. 

Couple is divorcing, husband wants to keep the property; wants ex-wife's name off of property/loan. 

This triples your headache.BE the voice of REASON to your friend. 

Most if not all of these properties require SIGNIFICANT cap ex rehabs and conventional financing won't touch them; you'd likely need to go the hard money route at 10-12%, 2 points, 12-18mon turn around.

I have been cross-ways with the IRS about 25 years ago due to a dishonest [ex] employer and I dont want to have to go through that again.

Investors say ex-‘Fox & Friends’ host turned them into unwitting slumlords.

Find a partner, find co-workers/friends/relatives you wouldn’t mind living with, find a property you can buy for less than your current rent.

If you are considering long term holding always remember to include your reserves for cap ex, maintenance & vacancy. 

I anticipate serious cap ex expenditures coming his way. 

For ex: Sponsoring Brokerage Realty DBA Dan's Property Management Company.