However, I have received an offer on my property from a very good and trustworthy friend that I have agreed to accept.

I personally use FF exclusively for MTRs.

If the inexperienced investor knew how much work, effort, time, analysis, negotiation, organization, capital, and knowledge it takes to successfully find, identify, evaluate, and close on a property that fits the criteria that gurus falsely claim they see 100’s of every day, 99% of them would abandon their real estate dreams” and pursue ostrich farms, mink breeding, or setting up a “down line” to sell condensed cleaning products that their “upline” has an exclusive distributorship on for the southwestern quadrant of Bisbee, Arizona.  

Ex: In a given day, say you have vetted a tenant (using TT tools), and accept that tenant:  Now you want to get place cleaned (cleaner task mgmt / comms / payment), communicate with new Tenant about move in etc, through to Rent Payment Day 1,  -- what is the workflow you use for each of your tools?

Illiquidity: Real estate is harder to liquidate quickly.You can invest the full amount but must use IRA funds exclusively for property expenses, keeping personal finances separate.

You submit a letter of intent to get the property, do inspections first in New York after your offer is accepted, and after inspections are resolved, your attorney then writes the contract.

I find many of those residents tend to stay for long periods of time because it is so difficult to find properties that will accept their voucher.

If the buyer pays his commission - the offer would be a low ball.Tell him to get a hike...this is no different than mail you are getting all the time:"I have prequalified buyer - just need a house to show"After you list it- it's exclusive with this agent.

The IRS focuses on intent rather than a specific minimum holding period.The benefits of the primary exclusion out way renting your primary, deferring, and doing a 1031 exchange.

The most likely scenario is that you refuse to pay him, or make him an offer he doesn’t accept, and he files a mechanics lien on the property.