If you’re serious about buying properties and doing real estate, then I would suggest working with the CPA that understands real estate even if the services cost more than your average H&R Block or some TurboTax program you can buy.

It is my understanding that the new owner will have the house at the cost basis of my purchase price, for calculating capital gains taxes or depreciation.For gift tax purposes for you - FMV.For capital gain tax purposes for the recipient - your original basis/purchase price 

I am obviously conflicted with the moral side of pursuing legal action here, but understand that people can do untruthful things when it comes to financial gains. 

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.

And here is a PDF explaining it for both Fannie Mae and Freddie Mac: https://www.radian.com/-/media/Files/Enterprise/Training/QRG...Understanding Foreign Income Foreign income is defined as income earned by a borrower who is employed by a foreign corporation or a foreign government and is paid in foreign currency.

"You're buying a lease with a 10-year term - READ AND UNDERSTAND THE LEASE, ESPECIALLY FOR OUTS AND INCREASESDGs aren't too bad, but you walk a tightwire - Not enough biz and they want to close, great biz and they want a new place.Another question is what happens after 10 years on re-ups.  

I've been doing some studying on short sales but still working to understand it better.

@Don Konipol i never did a net listing, but from what i understand of what it is, yes the result is the same. 

Here is the BEST way to develop an understanding of the risks and rewards of redeveloping your propertyBEST - Hire a CRE - Counselor of Real Estate to do a complete market analysis.  

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.The City of Detroit has 183 Neighborhoods we’ve analyzed.DM us if you’d like to discuss this logical approach in greater detail!