My case is NCREC D13-0168 and I am out a lot more than you and decided to channel my energy into business development and not extensive litigation and civil dealings. 

Account Closed I have used theses resources extensively!

After speaking extensively with my realtor, what we came up with to avoid the PMI is this...Take out a conventional mortgage for 80% of the purchase price.  

Give him one extension of like term for another like option price.

Many folks know the stack of papers they signed at a closing of a loan for themselves was extensive.  

However, since you changed out the boiler  and the components to make it individual systems, that will be an adaptation or betterment, and your accountant may confirm it was a Capital improvement.Unfortunately, the Bonus depreciation extensions ended at the end of 2013.You might investigate whether there is some way that your new system qualifies for a MACRS accelerated  depreciation.

Now, more advanced thought, you can sell a lease and an option, the option isn't going to have much if any value in residential without extensive underwriting, but the lease can be assigned easily for a purchase, it's similar to a loan with a lease` assigned, but if the tenant fails there is less recourse but they do have rights to future leases over an agreed payment period, you're selling the annuity income much like a note or partial note sale. :) 

No problem though, it's just not as extensive as the actual underwriting guidelines.  

You also freed up extensive cash through your 1031 to buy 2-3 more properties in a bit.

Hello, I'm looking for a referral on a tax professional in the Orange County, CA area who is specialized and proficient at handling 10-99 employees, work-at-home scenarios and extensive travel expenses.Thanks in advance.