You're definitely going to need a tax accountant, and RE attorney to help you out on this one.If your properties are under a company structure, maybe adding the children as partners to the company with some sort of dilution of shares tactic that can mitigate your potential inheritance problem. 

So when I speak to a potential client I do not pass them on to a team.

Not sure about state laws for the insurance payout angle but if possible, you can always try and get a contract to purchase for much lower and close after seller receives insurance proceeds, then you can potentially have equity and a deal.But based on your existing numbers, taking it down as you stated would not be a good deal in my opinion and based solely off the info you have provided thus far.

@Ryan Espinosa Newly passed Proposition 19 will have potentially severe financial consequences for children inheriting property from their parents.

The court determined the requisite intent was proven by the taxpayers’ efforts to rent the home, including placing flyers in nearby areas and showing the property to potential renters, demonstrated their intent to hold the property for business purposes.)See Goolsby v.

I have it advertised to rent now and I've got someone who is potentially interested in purchasing the house outright or doing a lease option. my questions are:1.) if I sell it out right, only having owned it for 4 months will I get slammed with self employment tax and regular income tax and not be eligible for 1031 exchange. or could I still call it an investment property and be able to 1031 because my intent was to rent it?

I want to GC these projects, perhaps starting with just one build, but would like to have someone with experience to offer advice/consulting to help with the process and ensure I avoid or minimize potential mistakes.

Financing OptionsAnalyze potential properties for house hacking.Assemble a team of professionals, including a real estate agent, mortgage broker, and possibly a property manager.

Concentrate on properties with the potential to stand out significantly after a renovation.

I obviously need to build a house on it to bring the value up to its potential (I don’t even know where to start with something like this) Then sell it?