But a 1031 exchange where you replace that real estate with other investment real estate (of any type or passive or active) allows you to indefinitely defer all tax on gain and recapture of depreciation.In your case with the right replacement you could turn this sale into a completely tax deferred sale that also reduces your net loan liabilities personally, provides income for you, and adds depreciable basis for you to write off. 

But this is a great time to get it in writing.

@Eric Williams Sit down, right now, and write out all the facts of this interaction. 

You may have been told one thing, but it isn't in writing in the bylaws.

Should Tenant fail to notify Landlord of their intentions in writing no later than 30 days prior to termination, this Agreement will automatically convert to a month-to-month tenancy with the associated rent increase.

(I've flipped 3 houses at the time of writing, all went well, no late payments)So the question is, what are other investors seeing as far as rates are concerned?

Pay a contractor $300 and they will walk the property with you and write up an estimate for the property.

I may be writing an offer for a client on a quadplex and have some lines that I intend to add to the PA under further conditions.If a unit becomes vacant before closing seller will not fill without buyers consent.All tenants to be current on rent at time of closing.   

@Franko Shenault big difference between IL an WI - you don't need an attorney to close a deal in Wisconsin, your agent writes and reviews the contract and the tile company facilitates the rest.

Great write-up on how you found the property.