Too many "landlords" ...especially in Oakland, Berkeley and Hayward have screwed this up for years and it can be a serious pain to evict tenants or have them move out because of an "owner purchase".

I know several people who do this very successfully, but I’ve also never met anyone yet that’s been unsuccessful doing it so I would recommend seeking out those people also.

Hey @Elliot Tan you need to seek legal advice.

Neither time was I at fault for anything, but both were a painful experience.Once when adopting a child, during the time the child was in my home before the adoption, the board that was paid by the county/state for the child was miscategorized by the county employee as a salary for me. 

It is a gigantic pain getting the contractor lined up (most don’t want small jobs) and submitting all the paperwork just so, and even then you’ve got the lending company with their hands in all your renovations.

Hey BiggerPockets! My name is Pat and I am currently a Junior at BYU studying Finance. I currently have an internship for the summer at a local firm converting properties into multifamily apartments on a large scale, ...

@Isaac Gwin I totally feel your pain.

I will share ours so you can use it as a starting point for what you are seeking.

But what we really seek is any advice, guidance, and wisdom we might need as we begin this adventure.Thanks in advance.

I have one CPA telling me it does not and the donor must pay the gift tax on any amount over $15K annual and countless blog and other online info saying that any amount over $15K goes toward the lifetime gift tax exclusion ( currently over $11 million and soon to be reduced to $3 million) The parent IS NOT interested in a 1031 exchange BTW....and I will be seeking the advise of a RE Attorney...I just want to understand why it is so unclear.Appreciate any information.