Can anyone confirm that this is correct?

I didn't go through the IRS link as that was not really my issue, I assumed you were correct in the matter tax wise, maybe I should have to see how they treated the depreciation by an entity not in title and passing through to the beneficiary.....ours are the other way around.

It is obvious to me now that I didn't correctly articulate what I was looking for in the original post.

David,Jon is correct, but this sounds more like a fraud to me.

Your so correct.

I think at one point you mentioned you were considering moving in with roommate(s) vs. just renting it out vs. flipping - please correct me.Is there a chance of you moving in, getting a roommate as well for a reduced rate and either understanding the place is sub par, or with the understanding that they will contribute to the repairs in exchange?

Joel is very correct in suggesting you remove all of the old hive to prevent them from coming back on a annual basis.

I had a little bit of a hard time understanding your question, but if I understood it correctly then my opinion is that the new property would be essentially 100% financed.

I took their word for it, but it's possible that they may not be correct.

However if what I read is correct I would only get 240k out of it - correct?