@Christopher SmithThere's benefit to having a local CPA, but definitely not necessary.

I'm sure we will need to speak with a tax professional about the best way to structure this to benefit the both of us.

You just have to learn how seller financing benefits sellers so that you can propose it to them in a way that resonates from their perspective.  

The reason is for your benefit.

The exchange rules say that in order to defer 100% of capital gains taxes and depreciation recapture, you must spend all the equity received and buy property of equal or greater value.  

Hey may also want to defer some of his capital gains, which you could definitely help with if you structure the note correctly.  

I am new here and just reading to gain as much knowledge as I can.

So I was thinking that over the summer (I will be 15 then) that I would be able to get an internship anywhere so that I could learn about real estate in any way possible, I can do whatever anybody wants me to do as long as I can gain knowledge about the real estate world.

Of course she will get all the latest WOW factors plus a few Joanna Gaines goodies like exposed lapboard, sliding barn doors and some a gourmet kitchen!

Besides the obvious benefits of buying like new (more depreciation, deferred CAP EX expenses) what are some others?