They went home and moved in with relatives, etc and did not go become a renter.

There may be some local issue or state tax issue, maybe a transfer tax applied to non-owner occupied, don't know, but Steve makes a good point, state your initial intentions.Such a question is not part of a quit-claim deed to convey title, so what ever it is that you have asking the question must be related to local customs and requirements.

They aren't lending and these private lenders (and relatives, mentioned several times) are stepping in to fill the gap.

Were talking 50-70k, so it seems relatively painless to move back in briefly (should only be around a month or so), to save on the cap gains taxes.

But thanks for the related info.I agree that both should be listed as co-insureds, but if no income goes to the trust or equities, where is the insurable interest?

I have an option to purchase property from a relative so I am getting a great price on the lot compared to others in the area (1 acre is going for 150k in some areas, I would be receiving 2.5 acres for 60k).

And do you guys think it will be hard for me to get a loan for such a small amount relative to buying a home??

Further, relatively few sellers will sell this way.

Long story short, you don't need exact comps, but you want them to be relatively close in terms of age, condition, size, style, etc.

Similar or Related UseIf the taxpayer receives only qualifying replacement property for the condemned property, postponement of gain is mandatory.