We’re bound by a lot of different laws and Code of Ethics others aren’t restricted by.

I have had people give me houses because they were about to loose them anyway.

However there is a loophole in the guidelines that allows you to treat a property for a college-bound kid as a primary residence for lending purposes. 

You're bound to have a similar experience when turnover time approaches.

The venue of the sale determines jurisdiction - which is a lawyerly way of saying that you're bound by the laws of the state the property is in.

Thinking that the Market is topping is normal but you may loose a few years of upside, listen to show 98 about a guy that stopped doing deals by the year 2000 because the market was too hot!

So for my edification, looks like if we identify any other major fixes during this walkthrough  - I can walk away but will loose my escrow deposit?

Birmingham has heard how far below we are verses other cities on property tax they are BOUND to get them up to higher levels.

@Tim Ivanchuk - looking at the numbers very loosely, it looks like it could be a winner, particularly if you are able to get the higher rents.

With 60 units, a fraction of which are bound to profit you $1m, I'm probably not qualified to offer you advice of any sort, but if you can't 1031, or sink into a bigger deal, it sounds like you should pass if your net proceeds cannot put you into another deal that will net you more over the next several years than these units would.