Hi BP,I recently closed on a cash purchase, which I have started making small renovations to get the property rent ready for potential section 8 applicants.

It could be that some rube installed shut-offs on each appliance to bring up to code (back in the day, shut-off on each appliance was not mandatory everywhere); and instead of using pipe thread dope used teflon tape, but white tape rather than the yellow teflon that is required by code.

This definitely speeds up the process.I've never had a vacancy last over 1 week and I've never had a lack of applications in my hand.

That's because you're comparing them against everything else.So, I'll typically do all of the following in a typical renovation:- Paint the entire interior- Replace all the flooring- Replace the cabinets- Replace the countertops- Replace the applicances- Replace all lighting fixtures- Replace all plumbing fixtures- Refinish hardwoods- Replace all doorknobs, outlets, switches and cover platesOn top of that, I'll do any mechanical repairs necessary, any exterior repairs necessary and replace anything else that might detract from the aesthetics.

I would find out more info first, such as how long have they been there, do they pay rent on time, does the owner have an application they filled out, was there a lease originally and it just went month-to-month at some point?

Understand that simply making application is not that big of a deal.

Any unused portion of escrowed amount shall be returned to Seller.110* (b) COSTS TO BE PAID BY BUYER:Taxes and recording fees on notes and mortgagesLoan expensesRecording fees for deed and financing statementsAppraisal feesOwner’s Policy and Charges (if Paragraph 9(c)(ii) is checked)Buyer’s InspectionsSurvey (and elevation certification, if required)Buyer’s attorneys’ feesLender’s title policy and endorsementsAll property related insuranceHOA/Condominium Association application/transfer feesand the broker is trying to nullify all this with a "Agreed sales price to include unpaid by bank liens, taxes, attorney, closing, processing and or related pertinent fees"?

You typically have two years to find property that must have a similar use: Our friend @Bill Exeter has a great page detailing this type of exchange: http://www.exeter1031.com/1033_exchange_faqs.aspx#howSection 1033 US Tax Code(B)Period within which property must be replaced The period referred to in subparagraph (A) shall be the period beginning with the date of the disposition of the converted property, or the earliest date of the threat or imminence of requisition or condemnation of the converted property, whichever is the earlier, and ending—(i) 2 years after the close of the first taxable year in which any part of the gain upon the conversion is realized, or(ii) subject to such terms and conditions as may be specified by the Secretary, at the close of such later date as the Secretary may designate on application by the taxpayer.

She would owe taxes (and penalties, if applicable) on the value of the account that made the loan.See Pub 590 Prohibited Transactions

Good luck on the Eli Broad application.