This way you have a free or mostly free refinance from a cost perspective. 

Rehab contractor charged $10K, the online report says $16K.

Each former member is then free to either do a 1031 on their % interest or take the cash and pay the tax.The opposite manuever was more common until around 15 years ago. 

He's financially free! 

Then you'll need to find land, acquire it, find a spec home buyer and set up meetings to design plans or buy a set online with mods.

Benefits of the ATI ExemptionThe ATI exemption offers several key benefits:Reduced Tax Burden: By lowering the assessed value, property owners can significantly reduce their property tax bills, freeing up resources for other investments or operational expenses.Encourages Investment: For real estate investors, the exemption makes South Carolina a more attractive market by reducing the tax impact of property acquisitions.Substantial Tax Savings: The reduction in taxable value can lead to considerable property tax savings over time.Multi-Year Benefit: The exemption can apply for up to five years after the sale (based on SC revaluation cycles).Wide Applicability: It’s available for various types of properties, including multi-family projects, commercial properties, and even vacant land for development.Who is Eligible for the ATI Exemption?

Start with BiggerPockets Ultimate Beginners Guide (free).

If you have any more questions, feel free to DM me.

In either case, feel free to reach out as this is certainly something I can help with.  

Could you send me your email (feel free to format it like “name [at] domain [dot] com” to avoid filters), and I’ll send you the link directly.Also, I’d love to hear more about your background:How long you’ve been in property managementIf you’re currently involved in multifamily investments or looking to expand into that spaceWhether you’re exploring tools for your own portfolio or considering something broaderLooking forward to hearing more and seeing if there’s a fit!