There is a deed which grants ownership as I described and a Co-Ownership Agreement that says they get the upstairs and we get the down stairs and defines some general obligations.The agreement was drafted in the 80's for our respective parents.The language is vague and poorly written for it's intended use.With regards to FMV of the rents paid to the LLC, I have no idea how they are substantiating the claim.I am very interested in your assertion that the existing form of ownership would not qualify for a 1031.

Right now, overlapping regulations keep responsible young families from buying their first home.

I haven't followed up on the details, so maybe one of our TX members will chime in.I would only proceed if 1) you can buy below market (and YOU must figure out what market value is), and 2) you're not locked into anything with the existing tenants.

Usually this happens AFTER closing on a normal mortgage, since the purchase money is the funding that will satisfy the existing obligation.

And, no, not just anyone can do inspections either....Absolutely agree with the first part (about appraisals)...but the second part may or may not be true...In my state (Georgia), there are absolutely no regulations or licensing around who can be (or who can call themselves) a property inspector.Sad, but true...

I have the energy audit from a 3rd party inspector for the City of Austin's requirements.Does anyone know if such inspectors exist, how much they cost, or what proof is required to claim this deduction?

Still, the existing population needs to live somewhere...

Combined new posts into existing thread.I'll repeat my previous advice: GET A LAWYER!

You're sure existing cabinet quality is in line with granite counters?

I have been doing some reading on the forum and have seen some close matches to my issue but am hoping for some help understanding our situation.

First off my son purchased a rental property with a mortgage in his n...