By property #5, you'll need a 720 and extra assets (down payment minimum increases, reserves increase).A thing to note here is you can't get an investor down payment on these- no gifts or seconds on a investment purchase.

Gave it to my wife as a wedding anniversary gift in 2013.

I heard that there is a life time gift exemption of $5,250,000 in 2013.

This is a highly complicated area of law that I could talk intricately about for quite some time, but it would do you no good as Family Law and related aspects there-of are almost entirely local.

Maybe is was someone else's cash (seller financing, personal loan of gift from a family member).

I felt mine was a little intricate, especially the way it started but as you go thru the thread you can see it transition to a smooth closing! 

Or a good one is buy a dozen $25 ones at the end of the year and give them to business associates as holiday gifts, write them off on your taxes and don't have to come out of pocket until June.

I feel like in one scenario the gift is already freely given in the other I've arranged to pay for it. 

The latter venture is going well; I have my first event booked in May, the second in August, and I have a local word of mouth market because I've given my work as gifts and donated it to local raffles already. 

A gift?