And to make it eligible for 1031 you would need to move out and turn it into an investment for a bit.However it's going to be worth your while spending a few minutes with an accountant to go over your specific situation.  

This didn't account for an accurate reading of the "half story" on the third floor, or a recently renovated half basement.

There is annual filing and extra tax work involved.

We are looking for a real estate accountant and/or a tax strategist to help us with the tax implecations from the money from our rentals and structuring of our company.  

If you don't mind my asking- how many annual deals do you acquire and close using this method?

It's as quickly as one trip to any bank, or email to any lander, sometimes they do it on the spot, especially if that is the bank where your checking or savings accounts are.That will not make you committed to get mortgage grom them. 

One thing that you can do is create a joint bank account and then both put the funds into that account.

Thanks Andrew, Originally posted by Account Closed:@ Peter Torres, that's one awesome position to be in, best of luck to you.

Originally posted by Account Closed:Originally posted by @Mike Reynolds:When Ike hit the Bolivar peninsula it was devasting.

This rent covered all expenses on the 15 year mortgage, insurance, and HOA fees with small profit that got eaten up on paper by LLC expenses, depreciation, PM and accounting fees, etc.