I'm getting a HELOC on a paid off vacation home I 50/50 co-own with an elderly, health-compromised relative whose credit is MUCH better than mine currently and plan to use the proceeds to completely pay off higher interest debt as well as acquire my first property or two.

I would have been okay with 6 months, but we have very different risk tolerances and 8 months was a compromise.

In fact, that is really the best compromise, as the tenant gains the benefit of security while not giving up their right to privacy in their own home (meaning it's their camera and system).  

“Be willing to sacrifice everything, but compromise nothing in your quest to be the best.” - Kobe BryantWhat we can all learn from Kobe‘s legendary life and career are in his 10 rules of success:- Follow your passion - Elevate others - Find mentors - Outwork everyone - Have a champion’s mentality - Learn from failure, don’t fear failure - Focus on winning - Have patience - Achieve greatness - Inspire others to be great"

What’s TMI that can compromise anything?

I am also speaking with the seller to see if we can compromise with an agree amount that he would be willing to void/null the contract.

Rates a STUPID low and that sounds like it might be a good compromise of both options.

They're compromising by taking a package deal and maybe buying a couple properties they wouldn't normally.

While we can afford it, it would definitely compromise being able to act on a true investment opportunity that may develop.

How can we structure this properly so that it's Kosher for the IRS and so that the integrity of the 1031 will not be compromised?