You say the depreciation is about gone, so the new basis in your primary residence at conversion from a rental will be your original basis in the land plus whatever basis you still have remaining on the depreciation schedule.Just to clarify my earlier remarks.

He lives out of state, has owned the property for about 20 yrs and doesnt want to deal with it anymore, so there is plenty of motivation...The father who showed me the property did some cleaning and some painting because the previous tenant left the place a mess but there is still work that needs to be done.

So if you have 10 total units and 5 of the units are vacant, I could see offering him around par of your net and your upside is the remaining 5 vacancies.

Unless there was something where buyer agrees to accept all encumbrances of record that remain in place unsatisfied by the closing.

Any payments on the balance remaining from the original loan must be included in the debt-to-income ratio calculation for the refinance transaction.o Cash out to recoup gift funds is not permitted.

I found a motivated seller on craigslist for a townhouse in my area.

I agree that she is not being aggressive to market the house, but I think that when a commission is so small, there’s not much motivation.

Jon KIf my occupancy level remains as high as it has been(1-3%) I'll start increasing the rents.

Acquiring real estate this way is a numbers game, but if you can get thousands (or even tens of thousands) of marketing pieces to potentially motivated sellers, you'll get some great leads that turn into big bucks;2.

The bulk of my money and time is spent trying to find motivated sellers.