Am closing on an REO from BofA next week and in contract on another property that is a short sale own by BofA.My question is do you know if BofA have any rules or limit to the number of properties one can purchase from them within a giving time and the reason am asking is because they are the only bank that ask for social security number when you make offers.

Some of this seems common sense, some seems like you gotta follow the rules, regardless of if it makes sense, and some things there just isn't a consensus on, and only an audit or possibly an IRS "opinion/permission" letter will clear it up.Thanks to everyone for your' posts.

The 1031 rules will apply from the date of ownership and your residency.

Although this is not the first flip where I have to deal with this, I find that dealing with this rule keeps on changing.

-Steven the Tax GuyYour guide to IRS laws, rules and regulations.

-Steven the Tax GuyYour guide to IRS laws, rules and regulations.

-Steven the Tax GuyYour guide to IRS laws, rules and regulations.

graet point Al Williamson...as a personal rule, i have stayed away from buildings where one tenant is on top of another..for one thing, the noise as al said..another is plumbing leaks from one apartment down into the other..if a tenant keeps their shower curtain open, it will eventually leak down into an apartment below...if it leaks into their kitchen below,they see the damage and hopefully stop...if it affects another tenant, they may not realize or it care to change their bad habits

http://www.chicagotribune.com/classified/realestate/foreclosure/sc-cons-0913-strategic-default-20120913,0,4134066.storyI think it is particularly interesting how they indicate that they will pursue you for "abusing" the system, not because you broke the rules or the law.

Are there ANY exceptions to the rule that one can't use the exclusion twice within two years?