If one decides to reside in one of the units for 2 years prior to selling will the $500k exclusion take place and gains taxation would only be imposed on a selling price of $600k or higher?

Also, what language do you use in a sale that gets the same message along... that the seller wants to make it clear that he just doesn't want to make any unnecessary repairs or give credits for obvious upgrades?

That "someone else" is *YOU* so if owners don't want to see a rise in dues and special assessments, they should be careful not to cause unnecessary harm to their units.  

Many investors seem to take the approach that a PM is just an unnecessary added expense that they can handle themselves, but I know from experience that a great PM will usually rent your property more often, for more money...not to mention take the daily management grind off the owner's plate...freeing them up to do more deals!  

@Mike Garland Maybe I am missing something here...I am sure there must be some nuance....but the lenders I used did not impose any seasoning requirements. 

Do not show w/o loan pre-approval and a letter for Proof of Funds being submitted with the offer. this stops lookie-lou's and unnecessary inspections. 

Waste of time and money to do unnecessary work.

The lease agreement you linked to is out of date and I'm not sure if the current agreement covers your questions but there are legal parameters regarding penalties you can impose on a tenant.    

Gifts are unnecessary and can actually backfire.

I give one warning and then impose the late fee or give the lease violation letter.