What you need to understand is that even assuming you have the knowledge, experience, and expertise to identify, negotiate and process the deal, those deals are far and few between, with lots of people out there looking for them on a full time basis.

It’s currently setup as a large studio without a kitchen, but we plan to eventually erect a wall to create a bedroom, and install a kitchenette.My question is, knowing how persnickety Portland is with regard to Airbnb, would it be a smarter strategy to rent it out on a longer-term basis to a regular tenant?

So if my understanding is right, his 'adjusted basis' is the 100K.

I walked by this dump every day.

That time was the last time I saw him, he was disappearing despite i was calling and texting him every day.

I had spoken with this gentleman a number of times over the years and we were on a first name basis with each other, so I am particularly saddened by the news.Anyone have first hand experience dealing with a deceased borrower situation? 

Though I don't have any hard data, I think it would be fair to speculate that a very large portion of the BP community has very grandiose ideas that will lead them to financial freedom (which can mean something different for everybody) and even though there is a wealth of resources available not only here but across the web that can make different investing strategies easy to digest in a paint-by-numbers format, the truth is that it's an incredible grind day in and day out.Even those that have achieved "financial freedom" (or at least those we perceive to have) are still at it everyday, preserving and building upon their accomplishments. 

There is no basis for Caps.

What some of the more optimistic folks will say is that the general non-taxable treatment given to contributions into LLCs taxed as partnership under sec 721 and the carryover of basis of the property into the LLC make it hard for  service to argue that a contribution of that sort would be taxable simply because it falls at the end of a 1031 exchange (Their words  not mine:).And since the exceptions that would make it taxable are 1.a disguised sale (not if both contribute equally into the LLC), 2. a contribution of not property (not is both contribute real estate and cash), 3. a gift (doesn't sound like this is the case),  or 4. a contribution that results in a reduction of the taxpayer liabilities (doesn't sound like that here either).   

Yes the Brew City on the 27th at Freight38 should be interesting - Rebecca has organized a "sampeling" of all the coaches who are experts in a specific field of REI they work in on a daily basis.