Specs on this house:  4 bed, 2 bath, "ugly" house, decent condition, needed new roof, we subsequently discovered a previously abandoned oil tank which seller had to remove.   

@Sadierose LemireNot a tax person or CPA but have you considered opening a Connecticut 529 with yourself as as the beneficiary (assuming that is your State of residency and you have W2 income) and then taking the $5000 state deduction (10,000 if you’re married) and then using those funds to then subsequently pay up to 10K in your school loans as allowed under the CARES Act.

I agree the next sentence goes on to address a current owner that may already have more than three, which seems redundant in light of the first statement...but the way it is written the plain reading is that three maximum in the entire development applies...The subsequent statement about three per owner only applies to current owners at the time of this being passed...it's an additional stipulation in light of the fact that some owners at the time of passage may have already been in exceedance of that requirement.

One major question I have is: Is there room to legally argue that it was tenants 1) disconnect water service 2) left valves open that led to subsequent damages and therefore they are liable? 

On February 4, 2020 I attended a buy and hold RE investing seminar and subsequently my wife, Hannah, and I changed the trajectory and goals of our life that day.

The sale out of your LLC and the sale out of your personal name and then the subsequent purchase in your personal name would qualify as long as the LLC is a single member LLC and disregarded entity with you as the sole member. 

Keep looking for opportunities within this deal and others in order to bring value and subsequently, those rents. 

Read section 21 of the CA Residential Purchase Agreement (assuming you transacting on this document).I've not been through mediation or arbitration myself, but if the buyer removed all contingencies when he submitted the offer, then cancelled, AND you suffered actual damages (a subsequently reduced sale price), your case seems pretty iron-clad to me.I believe you can enter mediation and arbitration without a lawyer, so I say go for it!

There may not be a tax lien of record if the IRS didn't record one but if there is, I believe it would attach to the land and any subsequent owner's interest would be subject to it. 

Accordingly, a parking transaction where both the relinquished property and the replacement property are owned by the same person, or by a person and his single-member LLC (SMLLC), will not qualify for like-kind exchange treatment.As with the installment sale rules, disqualification of a like-kind exchange between related parties does not occur if the parties can establish that neither the original exchange nor the subsequent disposition had a tax avoidance motive [IRC Sec. 1031(f)(2)(C)].