.- If you hold a rental until death, you can pass it on with a stepped-up cost basis, limiting captial gains if then sold (limited by inheritance tax limitations).Too many newbies on this site trying to replace their day job income via "passive" real estate investing w/o digging deep enough to understand how it really works.

Once you have the place under contract you are time limited.

This step by step process is all laid out in Scott Trench's book "Set for Life".

So, setting aside the cash flow he enjoyed for the last 40 years, he has a profit of $305,000.  

. $220,000 is definitely a lower purchase price amount and really limits you on what you can buy.

It's much easier to set things up right than to have to transition them later when you have multiple properties and many, many transactions.

I'm curious what others have run into when comps are very limited. 

Typically, we set up entities in the state in which the property resides.

One of the major driving factors for increased premiums is the carrier's requirement for higher replacement cost limits on file for buildings. 

They offer a $10K repair fund to fix damages in addition to SD plus warranty for appliance repair etc.I have no say in whom they choose to move in, whether there are animals, limit on # of occupants etc. they reserve right to inspect property so i have no idea if they can tell me to remodel, paint etc.does this make sense i have a vacancy coming up in October (bad rental timing).