It is possible that what happened was a barter transaction, with your son's and his friend's labor traded for rent, triggering income for both sides.

@Misael Carlos Vera only one way in life to do things on the cheap in any industry... elbow grease.If you don’t have money you can trade time.

Maybe they were a fed-up landlord who wanted to trade tenants and toilets for easier monthly income, or retired and wanted the ongoing cashflowThey wanted to limit capital gains tax.

You want an accountant that can help you strategize and who is responsive when you want to know the tax consequences of the decisions you are making throughout the year.Since you are a real estate agent, you also want an accountant who has business taxation experience. 

Violating those rules has catastrophic tax consequences, so you just don't want to go there.

Yes I don’t expect to get a ton of it back but there has to be some consequences to breaking a lease and disappearing!

I would also recommend doing your own research on specific topics or situation that you have in mind - this will not only help look for the right expert but also evaluate them to see if they really know their trade.

We are looking at remodeling our kitchen and every single trade (paint, cabinet, flooring, counters) all have at least a 6 week lead time. 

Do keep in mind the tax consequences of a short term flip.

you're saying you would trade $200/mo in cash flow over $150k in equity over a 10-year period???