The conversions does not have the income limits of a establishment, and you will have to pay the tax on the earnings between establishment and conversions, but itf you do it the next day there will be very little earnings particularly for a non-deductable tradional IRA.Will BarnardOf course you can Section 1031, never pay the taxes then yuor heirs get the stepped up basis, therfore totally avoiding the capital gains tax.

If you intend to continue investing in real estate, you should also familiarize yourself with a tax deferred exchange or 1031 exchange and add that to your list of options.Wm

You should research 1031 exchanges.

You can't think anti-union otherwise you wouldn't have a partner for business.Instead of thinking negatively looking at divorce before the nuptials are even exchanged, think in terms of your credit partner's income now doubling as a result of a holy union.

If you've agreed to let one tenant deal with all of this in exchange for some rent credit or some such, then I'd think that would include them buying the gas.Does this tenant mow the yard and expect you to buy them gas?

In exchange for using 100% investor money, he gave each of his investors part ownership in the property. 

Instead enjoy the ride down @Brian Burke 's delightful wandering stream and evaluate and execute as you go.1031 exchanges, estate planning, primary residence conversions, passive real estate investments, large single management real estate, non-real estate investments all can be part of a successful end game.  

Get multiple smaller units (1031 timelines add complexity)4.

I just need to at least get that $380K loan incorporated into the exchange.

This is my first attempt at a 1031 exchange and I honestly feel a little weird wiring a boat load of money to some company I googled 10 minutes ago.