If you're in the 25% bracket and married filing jointly, your AGI could be as high $137K, so this limitation would affect you.Further, its only $25K.

For estates and trusts, the tax equals 3.8% of the lesser of undistributed net investment income or adjusted gross income over the dollar amount at which the highest trust and estate tax bracket begins.For married individuals filing a joint return and surviving spouses, the threshold amount is $250,000; for married taxpayers filing separately, it is $125,000; and for other individuals it is $200,000.Net investment income means investment income reduced by deductions properly allocable to that income.

You might be able to do it 1031 and sell both parcels jointly and exchange all equity into some of these buy-and-hold rentals that is your final goal.I think of the fun we had at the Denver Summit and think of you and the others often.

It will hold all four "joint and severaly (spelling?)"

We have two choices, borrow the money from an HML or partner up using a joint venture agreement.HML terms:10% down @ 12% I/O with a 12 month Stop and a 2% origination fee due at closing.Total cash out of pocket for the hard money loan:$9K downpayment$2K Closing costs$1.6K Origination$25K for the renovations$.4K for utilities$1K for insurance and Property Taxes$5K for 6 months of debt service= $44K out of pocketNote: That we now only have $16K remaining of our original $60K.

He will pretty much give it to me but he also said that I would have to talk to his brother because they have joint POA.

i have several projects here in the Philippines with BUSINESS PLAN2 of them are priority.SMALL PROJECT : 70 acres ideal for Low-Cost Housing (cheap Houses ready to accupy) - initial invest $ 5M with 200 units availableTURNOVER is 52 M USDBIG PROJECT : 800 ACRES - ideal for Class A Residential CommunityThis is so big thats why the Capital investment $ 20 M is only for property,I have contacted a big-developer for a joint Venture .

The seller gets 30% equity in cash and he pays no tax, because it is loan proceeds  Another idea is if a property is a minor rehab,   You can do a joint venture with the seller, and buy the property on seller financing with a single payment note being paid in the future, say 4 mo.

@Luke Grogandoing a joint venture with a doctor, cash partner or credit partner, form an LLC, use a buyout agreement in the LLC articles of incorporationOr us a TIC with the seller@Bill Gulley is awesome with TICs

If you ever do seller financing as a commercial loan, use a joint bank account for payments, you deposit, lender withdraws, both can check on the account status and keep you deposit slips or bank statements.