The next PM can be just as bad as this one if not worse so be meticulous during your screening on the next one.

Today remote batteries, tomorrow could be a bad lightbulb.  

That's bad advice.

@Conrad Kostrzewa It's not a bad plan but I don't think West Loop will work.

Child would like to buy the house, potentially for below market value, retain the original real estate tax basis and then parents would like to use the proceeds from sale to complete a 1031 in order to defer capital gains.I can see a few potential issues:Does the fact that parents converted it to a rental from primary residence cause a problemIs a purchase below FMV possible or are there 1031 ramificationsIf below FMV a bad idea, could some sort of non-interest bearing note be structured between the parties to make up gap between proceeds and FMVCan 1031 exchange property they identify be contributed into an LLC after closing for asset protectionAny advice on the structure outlined above, or other ways to transfer real estate from parent to child (while parents still living) would be greatly appreciated.

It's not the drunk guy,  it's the innocent toddler drowning which will be very bad if it goes to court.  

Obviously scaling faster is appealing, but I also don’t want to grow too fast and end up in a bad spot. 

We are just practicing but if someone is interested this doesn't look like a bad deal.

There’s no such thing as a high returning investment that has no risk, so then you have to decide if (potentially) earning that spread is worth taking the risk (and would be okay with it, if things went  badly). 

Don't think it is as bad as David mentioned about Spain.