They have a place they could potentially close on by the end of the year, but its new construction and the closing is subject to change based on the builder (and the area was just in the path of Beryl, so that timeline could have been impacted), so if that's the only thing they're thinking of exchanging into, I'm inclined to suggest they consider consuming the losses now for simplicity's sake, especially if the exchange timeline can't be guaranteed to work out.

These forums are a great place to learn and meet people, whether you're just starting out or you're a seasoned investor.

You're in the right place to learn about real estate investing.

Thank you for taking the time to read and hopefully sharing you knowledge!!

In fact I'll be visiting Fort Wayne to explore from 7/20-7/23, drop a line if any particular area/places I should check out!

That sucks.In general, I would think converting shares to a promissory note would not be a taxable event, but if the note never gets paid back, the note default would certainly be a taxable loss.On the other hand, you have probably taken depreciation.  

Once you have this team in place, you should be able to invest in any market confidently.I buy in Columbus, Ohio but I have clients that buy all over Ohio

I agree with the others that the room on the left is not a bedroom and the place shouldn't be marketed as that. 

Share your thoughts and let's learn from each other!

There is about a dozen places I strongly advise against in NJ.