Plus, as I indicated, if RE is being purchased at that price does it not imply that the previous high value is no longer the current value? 

@Tim Jurik.... yeah... you might want to read all the "you get what you voted for" replies....and "see what happens in blue states".....so yeah.... there a huge implication in those posts that NOT having that ordinance would have mad a difference.Its also implying that the ordinance was in place when this tenant was placed....and he had a previous violent criminal background that would have prevented him from being placed in that unit..... all conclusions that serve to confirm your bias that this could have been prevented if the county had not instituted the ordinance.

As the title implies, my grandmother recently passed away and had a reverse mortgage on the home with a debt of $400,000 house is worth at least $800,000.Main issue is I am self-employed, and my income is really low, but my credit score good (700-770).A large room with its own entrance and bathroom was added onto the house like the 70's which can probably be turned into an ADU.

This is because even if the seller is aware of the actual value of the property, it does not imply that it is not elder abuse to purchase so much below value. 

I think it reasonable that you buy a house and expect to own it 10 years that you expect return and have made an investment that also happens to provide housing (not to imply it is investment first, but to imply it can be, and in my market usually is, both). 

Anyway Joe and David consulted with a CPA and the decision was made to purchase about 20 residential rentals in the Dallas suburbs through 1031 to avoid the gain on the sale.The rentals are doing well and my 15% pays me about 4-5k per month, however older son Joe has dropped the ball, taxes are approaching next month  and I need a way to file my taxes without having Schedule K-1'sSo my question is how I can file my tax return to include my portion of the one timesale of the property and the recurring rental incomeAs my original response implied . . .Why are you asking such an important, life changing question, (possibile IRS Audit, fines, litigation) on something with way too little information as presented, to even answer, on a public forum?

This sort of implies a separate one from the kitchen.

The wholesaler is the middle man.Mom & pop buyers buying for cash may mean they have the actual cash or they are getting financing.Generally, what is being implied is that they are not trying to get you to use creative financing or to do something like owner financing.

That isn't what is implied here.

A motivarted selelr CAN be experiencing one of these scenarios, sure... but one of these scenarios DOES NOT imply motivation Big differnce.Example:90% of people in foreclosure will try to find a way to KEEP their house... not SELL their house.This is obvious, this makes sense... then why then are all the gurus promoting the foreclosure list... when 90% of these people rather pour concrete down the drain than sell to you..