Very solid properties with strong rents in the market.We self-manage these currently (and have built a brand around this) and initially had thoughts about continuing to build the property management brand to manage exclusively our own multifamily-focused investments as we grow.

@Jeremy Vought any primary you’ve lived in 2 of the previous 5 years is worth *thinking about selling* due to the 121 exclusion of capital gains tax, ie you can profit up to $250k on a primary and pay $0 in taxes.

Payments that you make normally fall into one of 3 buckets100% of the payment can be factored in somewhere on the returnPartial payment can be factored somewhere on the return0% of the payment can be factored in somewhere on the returnHouse-hacking also has considerable tax implications in the event that you want to sell this property.You can potentially defer a portion or all of the gain on the investment property with 1031 exclusion.You can potentially exclude a portion or all of the gain on the personal residence with section 121 exclusion

We are thinking of telling them we wont be doing anything about the yard and maybe even giving exclusive rights to the other long term tenants and giving them the option to break the lease early and leave if they wont agree.

I use both the below and this one exclusively.  

Not everyone would have done the same, but it was exclusively the property manager's fault.

After reading an exclusive representation agreement, it appears that a broker will act as an intermediary.

There's something called a "reduced maximum exclusion" for taxpayers that fail to meet the 1 in every 2 years requirement.There are several safe harbors in the Treasury regs that will get you there. 

Regarding a gift, the land was purchased for $62,000 so even if were considered a gift I believe my uncle's share and my share ($20,000) would be under the gift exclusion amount of $28,000 (for mom and dad).

Paragraph 3 does not apply to residential landlords who issue a termination of lease ornonrenewal of lease due to the need to move the property owner or property owner’sfamily member(s) into the property and where the property owner or propertyowner’s family member(s) move into the property within 7 days after it is vacated bythe tenantIt's probably worth talking to an attorney about this specific exclusion.