He’s also violating minimum wage laws....which requires a tipped employee to be paid 40% of the minimum wage rate, which he clearly is not doing, at “$300/mo payroll”.Your weekly check should Clearly show “hourly/weekly Pay” verses “Tips”.

Bass expects that the firm’s downfall will be bankruptcy, calling UDF “a billion dollar house of cards” that “is now on the verge of collapse.”UDF has been under investigation by the Securities and Exchange Commission since April 2014, the company disclosed in December, responding to what it called “market rumors” and “misleading anonymous posts.”

Do your research and buy in an area that has a better than average chance for appreciation so you can trade up later for a "better" property (whatever that means to you) using a 1031 exchange or owner-occupied tax break for capital gains (if that's what you want to do).  

The competition seems stiff, and with so many sharks out there sniffing out what deals may be, I'm trying to wager whether this is a game that I can bring value to and/or any edge that would make it worth the energy.Don't get me wrong, I'm 100% open to F&F's in this market (or B&H's), but I know that I need to know the rules, stakes and potential benefits before playing.

Today I spoke with a past client who has multi units in LB and wants to trade up in a 1031 exchange  and has nothing to go into in the  $3 to 4 million range.

Just kind of way for everyone in this area to meet and exchange ideas as well as network (of course).Please let me know!

Currently I am only allowed to add $5500 per year.3 If I sell the property to upgrade, would I have to do a 1031 exchange even though it is already in a tax deferred account?

This was my first 1031 exchange.

Hi @Debbie Cost, The California Franchise Tax Board issued Notice 2019-05 stating installment sale "arrangements" designed to defer taxes when a 1031 Exchange fails will not defer taxes.

I have a good understanding of the 1031 exchange but have this question.