@Al Williamson - if a tenant refuses to sign a new/amended lease, are you obliged to honor the previous contract through to it's termination date?

:(IMO if your going to do a flip and you can do it via sub to then go ahead and do it if the flip from start to sale date is going to be 6 months or less.

Bought dozens at S&L auctions (if I really want to date myself!!

@Jim Herbst , @Stephen Underhill , @Aaron Junck , @Bryan H, As @Wayne Brooks said and I will confirm:It is an addition to your actual basis; however, as of the date of conversion to a rental it is recomputed as the lower of your actual basis or Fair Market Value.As long as you lived there at least two full years.

To be able to choose to go on vacation and not set a date when to go back home would most definitely be a great option. :)

You typically have two years to find property that must have a similar use: Our friend @Bill Exeter has a great page detailing this type of exchange: http://www.exeter1031.com/1033_exchange_faqs.aspx#howSection 1033 US Tax Code(B)Period within which property must be replaced The period referred to in subparagraph (A) shall be the period beginning with the date of the disposition of the converted property, or the earliest date of the threat or imminence of requisition or condemnation of the converted property, whichever is the earlier, and ending—(i) 2 years after the close of the first taxable year in which any part of the gain upon the conversion is realized, or(ii) subject to such terms and conditions as may be specified by the Secretary, at the close of such later date as the Secretary may designate on application by the taxpayer.

Everything before that date is not deductible.

So are you still comfortable your knowledge of the area is up to date?

Make sure to add keyword alerts like "Milwaukee" and "Wisconsin" to be kept up to date when people mention your area.

No date works any better than another.Alternatively, change the rent to be due every other Friday and make the amount due to 14/30 of the current rent.