@Michael Huey I can't tell if you are genuinely looking for help or just have some spare time to have fun with... either way, good luck with your campaign my friend

For me, I'm new to REI and I'm impressed with the amount of genuine free knowledge housed by the non-pro content.

Do I need to recognize a capital gain on the sale of a) $225K ($450K minus basis of $225K), b) $125K ($450K minus loan of $325K), or c) something in-between (i.e., am I required to apportion the loan between the buildings in some manner)? 

Pennsylvania does not recognize 1031 exchanges which means that Pennsylvania will tax the 1031-exchange gain that you deferred on your federal income tax return.

I genuinely appreciate your responses.

As long as you buy at a fair price where the numbers work out you will be ok, this will give you experience with a rental property but as you get more engaged into real estate investing you will figure out there are so many ways to acquire properties that require a creative mind that can recognize an opportunity and make it work. 

I have found that continuing my education allows me to recognize opportunities I would not have been aware of or known how to pursue.

They are no longer obligated to consider your lazy offer, because you haven't resubmitted it for chronological consideration.Once again, offers to agents isn't eBay ... it's in poor taste, and it won't work the way you want ... unless you genuinely want to be frustrated.

I can't express how grateful I am for a place like BP where people genuinely are here to help.

I genuinely appreciate your offer to help, and I'll send you a pm.