I also want to touch on what Jon Holdman was getting at - and you probably already know this - but watch your balance sheet closely.

Sounds like you may have created a taxable sale based the information you have provided.Like Ryan said 1031 exchanges must be handled properly otherwise they won't be recognized.

Could OP buy his proposed subject property AND another property with the balance of the proceeds to avoid taxes?

I have read some of the many post on this topic, and from what I can work out LLC's offer protection if they are treated and run as a proper business, and not just an easy form of protection against negligence.

I replaced that with a 4 piece fiberglass, properly installed.

The plan funds the transaction, the property is properly titled and John earns a standard commission which he puts in his "personal" RE business.

If there is a balance on a credit account, why would the lender be willing to remove one of the borrowers from responsibility?

I'd like to buy a home soon, and I don't want to wait long enough to save up a proper down payment.

My though twas the IRS would look at the owner from a legal standpoint which would be me as title would be in my name but again the land contract would be in place giving them vested equity well thats not the proper term, proper term eludes me right now, but you know what I mean...thx Steve!

The principle balance is currently about $56,000.2) Took a job transfer early 2003 and subsequently got divorced.