Have had it happen in personal houses before, it was usually due to humidity in cities with high, high humidity. 

Anyway the point on the land basis is if you have a very low basis you have just now subjected your land equity to ordinary income and market risks on top of it.Plus personal risk on the loan if it goes bad do you have the money to pay the first off if you need to.  

My personal motivations and limitations have made me not consider turnkey, flipping and house hacking. 

While 8% is pretty hard to come by for the average person, there are plenty of other options in the 2-3% cashback range for all purchases.

Have you all personally used them and tried them in Seattle? 

There is no shortage of renters out here and Section 8 is my personal favorite for my own properties.  

Personally I’d sell, if the capital gains after selling costs exceed $80k I’d consider a 1031.

It's about being a person great mentors want to help!

Secured personal and family funds3.

It’s a sole proprietorship.Wewe want to use her condo as a rentalFor tax purposes we plan to file separate every year because of her high student loans.