My mother held a RE license down south on the Gulf coast and I thought to myself, "it's time". 

A typical flip (held primarily for resale) wouldn’t qualify for a 1031 exchange. 

Yes, a SFR qualifies for an exchange, if held for long term investment.....but no property that is Flipped is eligible for a 1031.

@Robert Vorhies Tenant Deposits typically transfer to the new owner as it's still actually the tenant's money being held via the lease terms.

So by giving them away and having someone else pay to move them, the owner may be coming out better than if he had to pay to have them removed.This may be a really sweet deal for you but make sure to see if they have any value (repairable)Scrap metal prices are really low right now so if they can't be fixed, there's nothing there...

See Delayed Financing Exception below.If the property was owned prior to closing by a limited liability corporation (LLC) that is majority-owned or controlled by the borrower(s), the time it was held by the LLC may be counted towards meeting the borrower’s six month ownership requirement.

You can even combine that with life insurance policies held by the company to facilitate buy-outs.

.- A few days go by, my friend and I decide we want to live there so I call up the mother and she says okay, you just need to bring me a check for your deposit of $1,850 and the apartment will be held for you. 

Howzit BPland,I am hoping to find clear definition as a residential property owner, would/could I be held liable if a tenant's dog bits and injures someone?

I wish I would have held this property and still owned it as a rental.