We have received some very high (in our view) quotes for insurance on two newly built duplexes (2,000 sq feet per unit x 2 units in each duplex) in the North Bottoms Area of Lincoln.  

The bright line rule is if you are receiving rental income on the property, it is in service. 

I’m looking for a company who can clean up asbestos in my 2/2 condo in Culver City, CA - received a quote that it would be in the area of $20k and I’m hoping to find a co that will either provide financing or place a lien that I can pay off when I sell the property which will go on the market immediately after the cleanup is completed.

I received several such inquiries during this past tax season (and the taxpayers were upfront about why they were asking).

I have followed up with a couple leads I have received from realtors but no dice yet.   

Total rehab costs are 40k) If I was doing it over I would pay more attention to MY contractors/ their bids and defining scope of work.

I have an investor that has shown interest and we have initially discussed terms where they receive a 15% preferred return and then we split anything above that (I know this may not be the best terms on my end but I'm interested in the process and it could be a relationship builder, plus infinite return if I put nothing in).

What type of deed will you use to receive ownership?

My question is if I want to use these funds (the cash received = appraisal * 80% minus outstanding loan balance) to purchase property for personal use (primary residence), if that creates a taxable event?

My initial idea would be to receive something along the lines of 350k cash and seller finance the rest?