However, whether gift tax is applicable depends on the value of the property transferred and the lifetime gift tax exclusion amount, among other factors.Cost Basis for Your Dad's Portion:Your assumption is correct.

I'm an agent in metro Atlanta and work exclusively with investors. 

They are in violation of copyright law and shouldn't do it.This is straight from the Chicago Association of REALTORS website:A reminder that the Chicago Residential Lease, and all of CAR’s forms and contracts, are an exclusive member benefit for use only by Chicago Association of REALTORS® members or those who are party to a transaction facilitated by a Chicago Association of REALTORS® member.

Does your company has any (state) exclusions?

We use QBO exclusively for all of our REI Clients.

I am in the DSM market almost exclusively. 

Get with a Chicago-based real estate attorney that understands the RTLO and see if you fall under any of the exclusions.

Is it exclusively our collective income being in the 500k range preventing us, or is it more complicated like lacking a license or certificate?

Thanks  Hey David, to qualify for the section 121 exclusion you are referring to, you need to sell your primary residence.

There are a lot of scammy youtube gurus that talk about building business credit, but it basically is the same as your personal credit....be organized, don't overleverage, be patient, and pay all your bills on time.In NY to become an LLC, there's a $200 fee and then you have to publish in two newspapers for 6 weeks.