We've had a really hard time getting our accountant to get back to us on questions (arg- probably need to switch to someone in Oklahoma City with better knowledge on real estate tax code) because I'm definitely wanting more clarification on logging hours and what applies.

I will have the 25% to put down but the 6 months expenses is in a retirement account I can touch but would prefer not to.

Account Closed - That's what I was thinking as far as needing to be priced under the luxury units.

Hey all does anybody have any attorney or accountants they can recommend?

Make sure you account for the cost of digging out and building that retaining wall. 

@Brian Eastman, here's the language from 4975(c)(1):"(D) transfer to, or use by or for the benefit of, a disqualified person of the income or assets of a plan;(E) act by a disqualified person who is a fiduciary whereby he deals with the income or assets of a plan in his own interest or for his own account; or(F) receipt of any consideration for his own personal account by any disqualified person who is a fiduciary from any party dealing with the plan in connection with a transaction involving the income or assets of the plan."

Remaining tax would be total taxable gain less depreciation recapture less PAL carryforward (from "unused" depreciation expense)Alternatively, could I not depreciate the property (which i did not do for the past 2 years in error and need to file amendments) and file a Form 3115 (application for change in accounting method) in the year in which I sell the property to catch up and claim all the the missing depreciation all at once?

If you do not have an accountant now is a good time to get one-a tax guy/gal who knows REI.

If the owners do not have an impound account for taxes/insurance are you also making these payments; again what %?

@Cheri Crane and Account Closed, did either of you guys try to use the Happy Home Investor site?