If you're interested in learning more, I wrote a whole book on how to find your niche and be a successful real estate investor.

Nonetheless, even with their long experience, they often barely make a profit, which they say they don't mind - because their goal is to gentrify the whole neighborhood, one property at a time.

The main area of concern is how lines 20-26g on the 4797 don't seem to have any provision for the deferred gain that is the whole point of the exchange, so when filled out it seems to show the whole gain as taxable capital gains.  

If you need more help finding and hiring contractors, I wrote a whole book on the subject.

., You can do it but there are a whole bunch of hoops and disclosures to contend. 

Scenario 1: Board & Existing Shareholders give the 'Green" light to go ahead with the offering, and the new investor only achieve 60% of shares being acquired then 40% of existing shareholder (apt owner) will not sell.

On the other hand, if you know your market very well and see an opportunity to increase rents with a small capital investment then you may be able to achieve a $120k NOI after purchase.

Does this mean if own a property with multiple units can I be excempt of the whole building?

My CPA has instructed me that the auto expenses (at least the proportion used for rental activities), overhead such as office supplies, software, tax preparation, and other items which occur to operate the rental properties (AS A WHOLE) are expensable on Schedule E relative to the activity (e.g. based on number of units per property) by "cost accounting or cost allocation".

The returns, on the whole, are better in Cincinnati than Columbus but Columbus has the security of population and job growth.