The seller needed to sell quickly due to personal reasons, which allowed us to negotiate favorable terms.

Have had it happen in personal houses before, it was usually due to humidity in cities with high, high humidity. 

And, I just don't buy that GPs will liquidate the deal to finance their personal problems - if that's the case, then I invested with a GP who was irresponsible to risk their family's financial future on a single deal.

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Anyway the point on the land basis is if you have a very low basis you have just now subjected your land equity to ordinary income and market risks on top of it.Plus personal risk on the loan if it goes bad do you have the money to pay the first off if you need to.  

While 8% is pretty hard to come by for the average person, there are plenty of other options in the 2-3% cashback range for all purchases.

Have you all personally used them and tried them in Seattle? 

There is no shortage of renters out here and Section 8 is my personal favorite for my own properties.  

Location doesn't really matter, but if you are in Seattle area,  I would love to meet in person. 

Personally I’d sell, if the capital gains after selling costs exceed $80k I’d consider a 1031.