What are the legalities of living in a townhome and renting out the other rooms?

@Darren GregoryYour friend refers to a very old (and long dead) rule, which is why it's best not to ask friends for legal, tax or medical advice :)There are only two ways to control capital gain taxes on selling your own home, and they can be combined.

Yes legally, you still have to report the value rec’d.

I also own the web site Mr Land Trust .com and someone else copyrighted it so now I am in a legal dispute and have taken the site down until it is resolved. 

Why are people pushing the double closings if there are legal and accounting concerns from attorneys and title companies; and if that is the case why can't the wholesaler person attend the one closing between the seller and buyer she put together the way a typical real estate agent would. 

I know I can set an LLC, S Corp, C Corp, Sole Proprietor or whatever with Legal Zoom.

How can I do this legally in NJ?

I thought this didn't sound right - is that legal in Ohio? 

I am doing my research and am ensuring that I have all of the proper reports/forms/legal literature, valuation tools, etc and have several friends who are RE Agents & Loan officers whom I ask questions, BUT I am still lacking information in certain areas.

They should not use third parties, unless it is for the home inspection!