Future gains on the investment portion may be deferred with another 1031 exchange, while gains on the primary residence may qualify for the $250k/$500k exclusion if residency requirements are met.This post does not create a CPA-Client relationship.

And no, the purchaser would not have a viable claim over the incorrect record as all information concerning the subject property must be independently verified.Owner should have accepted the pre-auction offer which turned out to be ~2x the high bid.

Hi Divya, Lying on an application is frustrating and if it was caught prior to them moving into the home i would not accept the tenant.

Prices haven't fallen, and rents haven't moved up enough.Investors either need to work harder, be more creative, accept negative cash flow, or sit on the sidelines. 

When I read the bank would accept 91k I understood that to mean that was the 30 day payoff amount on the mortgage.  

I would be very careful about accepting advice from anyone that could personally benefit.Listen to David Greene Podcast on YouTube, Spotify, etc.

You could also offer to cover part of their tax liability through negotiation or encourage them to convert the property into their primary residence to use the IRS exclusion for up to $250K/$500K in gains.

And a general contractor would NEVER sign a customers contract  This ^^^^ 1) No good GC will accept a customer providing materials They would have to be a newbie or a fool.

But only about 2/3 accept the extensions. 

means deeding it back to the lender if they will accept it.. easier said than done they may want you to sign a prom note for any loss they could incure.. the thing to do is get the best cash offer you can then ask bank to do short sale if you dont have enough cash or equity to sell .