I heard that the greater than 1 year holding is based on how long my parents held it, not based on how long I held it.

Based on your self-description  I assumed you were an investor, and I corrected the information you posted.

We're based in Tampa and do a lot in that area.

I would not invest in the Jammes Road area based on what we saw and heard there.

I know he has been looking for some networking in Richmond.We have a Chicago-based GC-tech (general contracting technology) company but expanding into Richmond.

That being said, your allocation to net worth/PFS should be calculated based on shares you own in the deal.

Maybe because at the end of the year based on your earned income you can right off depreciation and other tax benefits that saves you $25K?

You should definitely ask what he/she meant and if it's a suggestion or requirement based on the amount of properties.

This step is about generating income from your investment.Refinance: Once the new properties are stabilized (occupied by tenants and generating income), look into refinancing them based on their new, improved value.

I expect you will have to pay transfer taxes based on the assessed value of the condo unit in order to transfer the deed at this juncture.