If this happens, we may not have a great Christmas (I think the changes would take effect Jan 1, 08), but it is conceivable that we could have a kicker Spring Break.Don't get me wrong, just changing a few programs is not the complete answer, but coupled w/ a lower Fed Funds rate and more money in the market, I believe we will see a significant impact.

Hey Russ,The scenario you describe could conceivably work since you would indeed be using a portion of the property at least as a rooming house.  

Does this strategy you conceived provide that option?

The fact it was poorly conceived & ill-written only exasperate the problems with that Act. 

If I do that in direct ownership RE, I can conceivably purchase $500k worth of RE. 

Because you have not yet taken title to the new property you could conceivably do a 1031 reverse.  

Motivation"What ever the mind can conceive and believe it can achieve."

I'm pretty old, so mine were mostly from a different time..67 camaro 327 (1st car after kinda reaching adulthood. wifey and I think 1st child was conceived in this car!)

Now, if you had an illegally conceived note that was unenforceable where would you take it?

Or, it's conceivable, that previous owner was in R-1 and petitioned for an "exception".....in which case you'd also be grandfathered as a lawful duplex.c) unlawful conversion of a single family home into an illegal duplex.