Given the long term nature of our relationship with the owner, he was kind enough to allow us to view the listing before it went public and given we had already completed an enormous amount of research into the project we were able to offer full asking price.

In real estate I have read "prices are sticky on the way down," which makes sense because it is difficult to sell for less than what you owe, foreclosures take time, many owners opt to wait it out or rent (reluctant landlords), and lenders often have the wherewithal to operate in their own best interest so they get a bpo , buy their collateral at foreclosure auction vs selling below the bpo and in some markets will hire asset managers to light rehab prior to offering their reo on the mls...in an attempt to be made whole.

Therefore, this really is something you should be discussing with your CPA.The problem seems less about the nature of the first property's sale income, but rather that the second property was not purchased by a QOF.We can't do backward tax planning in this area.The QOF needs to be established before the second property is purchased, and there are several hoops you need to jump through. 

As a property manager I am (naturally) somewhat biased towards keeping a property and renting but agree wholeheartedly above.

We are currently in the process of renovating each of the units we are occupying, to include LVP flooring, recessed lighting, new paint, trim, etc.

@Gaby PerezPeople always tell me I’m a natural networker and I usually think to myself something about how I’m not sure if that’s true, I wonder if they are just being nice, etc.

Naturally, you want to hire #1s as much as possible, and sometimes you will get one of them that their vision of their life coincides with what you are trying to do, but for the most part you need to plan on getting #1s and replacing them on a regular basis.After three decades of managing employees I am a big fan of the contract setup.

Hi Does anyone have any recommendations for a good electrician for a recessed lighting job in the Murrieta/Temecula area?

I’d like to get any information or suggestions on data I should include in the presentation in order to:1) present the partnership in a favorable light while maintaining a balanced view of it as a whole, and2) provide enough information in the presentation to give my potential partner a good understanding of, or “feel for,” the partnership, and/or serve as a springboard for future conversation and analysis.An additional, related question: in what way(s) would a business presentation for a potential equity partner differ from a presentation for a hard money lender or private investor?

If this all works out, then there may be light at the end of the tunnel for the OP and other NY landlords in this current bind.