Purchase price 80k cash close in 3 days ( they are 3 days away from the water being shut off) So cash talks and you know what walks.. 30k in back water bills and a few other code violations and such...

It all about jobs you don't have to look to far .Ohio,Detroit from last crisis, to ca,nevada,fl, for rampant market bubbles This only happened  7 years agohttp://www.huffingtonpost.com/2011/06/27/cities-hardest-hit-recession-great_n_885078.html

Be very clear in what you are asking for.In case this is helpful, I ask for these fields in their report:Parcel Number, Owner's Name, Owner's address, Property address, Property Use Code (zoning), Assessed Value, Lot size, Delinquent tax amountMore often than not you'll find that they will not supply everything you need.  

Obviously it is being rented illegally and the city has found out and issued the seller 2 code violations.

Hi Jason, I would lean toward the 121 Exclusion (Section 121 of the Internal Revenue Code) because it would lock the gains in tax-free (vs. tax-deferred through a 1031 Exchange). 

Do you have ZIP codes in mind that you like in Ft Lauderdale for multifamily ?

Would love to get your thoughts…I've built up a reputation and rapport with agents, and they'll sometimes just give me the lockbox code.  

It could have framing that isn't up to code under it or plaster that's been furred out or even suit from fire damage (I've seen it).

I just found this on google which seems to explain it pretty well.http://www.nolo.com/legal-encyclopedia/avoid-capital-gains-tax-selling-home-29901.html

Has this provision in the Code recently been changed as I see other posts that say a unit must be rented to deduct such expenses?