This is in conjunction with an earlier post regarding the sale of my property in Chicago and the purchase of a property in the Indianapolis area.

I'm seeing some softening of the contract sales market selling mobile homes in my mobile home community. 

While the $135K note qualifies for section 453 installment sale treatment with the gain spread out during the payment period. 1) Is my understanding of this transaction correct?

Question for the tax pros out there.If someone inherits a home from a trust after death of the owner, and the home is their primary residence, does the two year period to exclude capital gains on the sale of a primary residence start from the date of death or the date the house was distributed from the trust? 

I made 120k in equity last year with the sale of the houses but because of how stupidly our business was set up, Our tax guy suggested my partners give me most of my equity as a gift because we didn't want to get taxed on it twice.

And you could still give the seller a floating purchase price using an option simply by tying the future sales price to the then appraised value, or FMV minus 10%, or a fixed price today with a 5% uptick annually until you exercise the option.

During Covid I deferred mortgage payments, so I owe a $30K balloon payment upon sale or refinance. 

You might need to do a manual underwrite which could decrease your purchase power.

Lets face it, its a tough sales business with 100% commission. 

I'm Enrique, an aspiring real estate investor.Quick Bio:Since 2022, I've been on a journey in the world of residential real estate, focusing on single-family and multi-family properties.What I'm About:Believe in the power of connections, creating value, and the idea that "If you want to go fast, go alone; if you want to go far, go together."