we were challenged with the setting up a business, 1031 exchange, and paperwork side.

And 1031 exchanges.

Learn creative ways to cash flow that work for you AND also create a win for the Seller.CREATIVITY HACKOne cool way is to offer a seller more than they are asking in exchange for a lower interest rate or offer a much higher price for a zero % interest rate for 3-5 years. 

I would wager that if you haven't sat down and done a tax plan before, spending a few hundred dollars with a tax pro could save you tens of thousands in the long run. 

("A real estate broker, for the purposes of this article, is defined to be a person, firm or corporation who, for a fee, commission or other valuable consideration, or by reason of a promise or reasonable expectation thereof, lists for sale, sells, exchanges, buys or rents, or offers or attempts to negotiate a sale, exchange, purchase or rental of real estate or an interest therein, or collects or offers or attempts to collect rent for the use of real estate or solicits for prospective purchasers or assists or directs in the procuring of prospects or the negotiation or closing of any transaction which does or is contemplated to result in the sale, exchange, leasing, renting or auctions of any real estate . . ."

Hey Victoria,So there wouldn't be any sort of income taxes related to this transfer of property as it is not considered a sale or exchange. 

@Sam Liu you might consider Reverse 1031 Exchange to avoid some of the challenges you mentioned you faced with timing and traditional 1031 exchange. 

Security deposit amountYou can find plenty of examples by searching for "tenant estoppel certificate doc" or exchanging "doc" with "pdf" for more options.Here is an example and explanation: Sample EstoppelSome have a lot of legal jargon but this document does not need to be so detailed.

Security deposit amountYou can find plenty of examples by searching for "tenant estoppel certificate doc" or exchanging "doc" with "pdf" for more options.Here is an example and explanation: Sample EstoppelSome have a lot of legal jargon but this document does not need to be so detailed.

With this said, I would never do this for a rental so this is a rental (tenant moved out) that I plan on selling using a 1031 exchange on soon and the garage floor has lots of cracks and stains so I want to make the floor look nicer.