Just getting a feel for things. 

Feel free to connect!

Make sure the previous property management company did their job and communicated a change in management prior to you taking over--along with your contact information.If they have no done this, they should so the tenant doesn't feel like a scam may be going on.Just make sure they're away of where rent payments need to go and who they can contact in the future. 

I'm getting up there in age and feel like I'm getting a late start, so I'm looking to avoid any unnecessary steps along the way.

It seems like a good idea, but I feel like I am missing something here.

I feel this gives me the flexibility to find the right solution for my client and not just sell what my bank offers.

I don't think the LVP will feel right with carpet underneath and it's not a sound installation practice to have that buffer layer there.

The calculation involves:Selling Price: $1,075,000Original Purchase Price: $355,000Depreciation Recapture: $105,300 (taxed at 25%)Capital Gains: Sale price minus original cost, minus depreciation, minus selling costs (~15-20% federal capital gains rate for their income bracket).State Taxes: Since the property is in California, state capital gains taxes will also apply.Given the multiple layers, I’d highly recommend your parents work with both a CPA experienced in real estate and a qualified intermediary for the 1031 if they choose that route.If you need recommendations for professionals in Illinois or California, feel free to ask!

. - Fractional TIC loan: you can now own a unit in a building that isn’t classified as a condominium, yet from a financing perspective, will feel that way.

Please feel free to DM me anytime.