Ray in Ct.Thanks Ray, I never thought of contributing it to a charity - I kind of like that idea.

You should prepare for it by making it worth your time and ensuring it's properly documented.I have a one-page addendum to add or remove a tenant and I charge a $50 fee for my time (it takes 15 minutes but I'm running a business, not a charity).If I have multiple tenants and Tenant A wants to move out, I have them fill out the addendum and pay the fee.

@Will LHeureux You are running a business, not a charity.

Running a business, not a charity.

This is not a charity, it’s a business.

They might be making less money or a different kind of money (tax savings, appreciation, inflation hedge, etc etc) than you want but it’s probably not a charity. 2) don’t look at any property’s year 1 numbers, they just don’t matter.

They can make enormous profits at razor thin margins, which will throw you out of business unless you want to donate your own money to run it as a charity.

If you have a charity that you love, you might consider making a gift of an appreciated asset(s).Especially if you are already in the 25% bracket - that means your looking at a maximum federal tax increase of 18.4%(14.6% + 3.8% surcharge).

But, that's still my OPINION on the best way to run my for-profit business.Don't get me wrong, if someone chooses to operate their business like a charity, independent of profitability, I respect that.  

You aren't a charity.