I think first 500k of profit is exempt from tax, what can do for the next 400k.

Yours truly, ­____________________________________________ASHResidential ConsultantCONTRACT FOR PURCHASE OF RESIDENCE OR OTHER REAL ESTATETHIS CONTRACT is made on April 6, 2018, 2018 by and between (Seller) whose address is «MAIL_ADDRESS», «MAIL_CITY», «MAIL_STATE», «MAIL_ZIPZIP4»and/or assigns (Buyer) whose mailing address ADDRESS..THE PARTIES AGREE AS FOLLOWS: PURCHASE AND SALE: The Seller agrees to sell and the Buyer agrees to buy the property located at «PROPERTY_ADDRESS», «PROPERTY_CITY», «PROPERTY_STATE», «PROPERTY_ZIP_CODE» together with all fixtures, landscaping, improvements, and appurtenances, all being hereinafter collectively referred to as the “Property.”PURCHASE PRICE: «MOA»TERMS:PRORATIONS: Real property taxes will be prorated based on the current year's tax without allowance for discounts, including homestead or other exemptions.

1031 is meant to defer taxes; if he sells using the homestead exemption he doesn't pay the tax in the first place.

Healthcare has a lot of obvious core problems, and this is not exempt by any means, however, would love to use my influence and ability to try and service a need. 

Properly done with a tax attorney, the $100k can be reduced from the giftors' lifetime exemption. 

If its your own home you get an exemption on the gain when you sell your own home so almost any money spent will give you the advantage of enjoying while you live there or making it easier to sell but since you can avoid the gain, you have no real tax benefit

(d) A provision of a lease that purports to waive a right or exempt a party from a liability or duty under this section is void.

-  You can get exemptions for up to three properties a year so unless you are doing a lot these you would be OK legally but if you ever want to sell the note it would be better if you had RMLO paperwork to go with it.2.

We just did this and sold a previous home turned rental, partially because of the capital gains exemption.  

thanks for the reply, the property is two seperate buildings.The flood ins will be able to be exempt after survey and proper forms filed, properties around these went though the process to be removed from FEMA Zone.