I am hoping to find an agent who has good relationship with local termite companies and general contractors and can get me a great deal on the rehab/termite treatment.

Other points being that financing limits established tax treatments, financial and retirement planning, funding of self directed IRAs, etc.

That includes marketing it in the MLS (or internet, or yard sign) for sale. 2nd: The contingincies (option contract or short payoff approval, or widow treatments) are all part of your listing agreement, and will need to be disclosed as the MLS and BOR requires.3rd: FAR (Florida Association of Realtors for who want to know) now is expecting agents to accept and submit 1 contract at a time.

Sounds like a great program for Bob.I think I am going to give David Sunlin at Bank of America a call to understand why American Family Properties and Old School Title receive preferential treatment over other investors.

How might we structure an agreement that would give them income, help them get favorable tax treatment and help us acquire more properties?

That way there is no preferential treatment accusations, hurt feelings, etc.The first person to turn in their application and application fee gets screened first, if they meet my qualifications they get first opportunity to put their deposit down for the property.

This is extremely helpful if your owner is in the 15% income tax or lower and can get the benefit of the 0% long term cap gain treatment. 

I'd talk to a CPA to discuss your personal situation, but in my experience, the best way to minimize taxes for these types of transactions is to minimize your FICA taxes by electing s-corp taxation treatment (either by creating an s-corp or creating an LLC taxed as an s-corp) and paying part of your gain as dividend instead of salary...If you hold the property for at least one year (without trying to sell it in that first year), you will incur long-term capital gains.If you live in the property for at least 2 out of 5 years prior to selling, you can avoid capital gains up to $500K.

Next - you need to see what type of waste treatment will be required - this can vary from relatively cheap if conventional gravity fed septic can be used to CRAZY EXPENSIVE if an engineered system is required.

You would have to demonstrate under audit that you had the intent to hold the relinquished property for rental, investment or business use in order to qualify for 1031 Exchange treatment.Assuming that you do qualify, you could do a concurrent two-party swap as long as it is properly documented by your advisors, or you could sell your relinquished property first, structure a formal 1031 Exchange transaction through a Qualified Intermediary, and then by her property as your replacement property.Keep in mind that your relinquished property and your replacement property must be held for rental, investment or business purposes in order to qualify for tax-deferred exchange treatment.