I suggest that you check your state laws and procedures.

The IRS issued Revenue Procedure 2005-14 that allows an investor to convert his/her primary residence into investment property and ultimately take advantage of both the 121 tax-free exclusion up to the limits of $250K/$500K AND defer the rest of their capital gain by using a 1031 exchange.

I missed your post or I would have answered sooner.In the situation you described where you would wholesale a property from a wholesaler, the procedure would depend on if it was before closing or not.If it was before closing and I was double closing, the person I was double closing to could use an assignment of contract to assign the property to someone else (the original contract is not altered).If it was before closing and I was assigning the contract, the person I assigned it to could double close the property to someone else.Now I am avoiding the idea of a double assignment (the person I assigned it to assigns it to someone else) only because I have never done one and have never consulted an attorney or title company to find out if that's possible.

I want to ensure that we follow the correct procedure before hiring our new Manager.Any information that you can share would be greatly appreciated.Thanks!!

During the inspection process, appraisal, etc. you're going to become very familiar with the tenants and should be present during these procedures.

The actual federal RESPA laws that govern closing procedures actually state that the buyer is entitled to pick whatever title company they want since they will be living under the title insurance, but most people don't even know that or care.

I don't think it is illegal, but I think you now have to have some kind of license or something, and you have to follow specific procedures.

When the homeowner takes out the loan, the lender will make sure that these procedures are in line during the application process.

I don't deal with state tax liens much here in Texas (there's no state income tax) so I am not sure the procedures for them.

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