As far as your primary residence, if you have lived in it 2 out of the last 5 years, you should not have to pay taxes on capital gains (difference between what you paid for it & what you sold it for) up to $250,000 if you file your taxes as an individual and $500,000 if you file jointly with a spouse.Just a disclaimer, I am not a tax professional.

I bought my first property for $107,500 put 10% down borrowed 80% LTV from Wells Fargo at 11.75% rate and my father lent me the last 10% and charged me interest the same as Wells Fargo did 11.75%.  

But many of my clients are getting awesome deals in the last few months, whether on or off the MLS.

The last thing you want to do is go through formal sale since you’ll lose the Prop 13 tax basis, which is likely a $20k/yr saving.

For the son to qualify for the $250k exclusion, I believe he would most likely need to meet the ownership and use test, meaning he needs to own and live in the home as his primary residence for at least two of the last five years before the sale.

Also the government always pays late (here in Indianapolis last year it was 7 months late!!!)

We do have a few other investments besides RE, but they are baby investments.I'm very comfortable with my RE investments which have proven themselves over the last 30 years.

I have been working with investors in my area and partnering on deals for the last 4ish years.

In the last two days, I met with two business sellers who have net profits of $580,000 and $600,000 per year respectively. 

Bank of America https://caselaw.findlaw.com/court/ca-supreme-court/1848301.h...Only lasted for four years though.