Besides the normal precautions with having a tenant do work in exchange for rent, would you advise installing granite in a rental?

The only way around it is a 1031 exchange.

Require a minimum 60 days from the time they excersize their option to the time you close and use that time to find another investment to 1031 exchange the capital gains into another property tax free. 

I don't want to come off as a conspiracy nut.Recently, my financial adviser mentioned a banker customer, fresh from a Euro banking conference that bought up a large amount of silver upon his return.While the Banking cartels weigh their options about the still looming currency issues.

At the same token I agree I dont want to be friends with her and exchanging cooking recipes... ect @Tim Crosby I see your point as well.

We unfortunately never got to the point of writing up a contract just exchanging e-mails for scope of work agreed upon ace verbal agreement on price.

@Nick Hedberg, To successfully complete a 1031 exchange you must use the services of an unrelated party called a qualified intermediary.  

Some say it is better to get your feet wet and go through the first flip from start to finish before setting up an LLC while others say to set it up beforehand.I will personally be investing $75K into the venture and my father is willing to invest an additional $100K in exchange for 30% of the profits.I think we'd be better off getting the LLC taken care of before purchasing our first property in order to protect our personal assets, but others have said it isn't a big deal if we have insurance and use contracts to properly protect ourselves with contractors, etc.I'd really like to hear the opinions of experienced BP members and I would appreciate any advice!

Will it remain as the reserve currency?

As far as I am concerned, storing your money in gold bullions does not provide any tax benefits, does not feed you with cash flow and is not eligible for like-kind exchange to avoid capital gain tax.