Imagine being in the 37% federal bracket and living in CA paying an extra 13.3% state tax. 

Unless you need "cash out" of the deal (taxable 'boot'), I'd say do the 1031.

There is no federal moratorium any longer for non-payment of rent, unless you have one on a state or local level. 

The protections under SCRA apply to active duty members of the regular forces, members of the National Guard when serving in an active duty status under federal orders, members of the reserve forces called to active duty and members of the Coast Guard serving on active duty in support of the armed forces.

So if the income is $1,000 and the expenses are $800, then you would have a taxable income of $200.

Leaving her with 200k minus realtor fees, taxes to state and federal, possibly capital gains, etc. leaving her with less than 200k.No matter how you look at it obtaining a $400,000 house that has been updated and needs nothing at 50% below market value is a great deal for anyone.If want to make a money play similar to Darius's comment, I would suggest after buying brother out and renting the house, look into refinancing.   

The changes will be effective 60 days after publication in the Federal Register:According to the SEC, the amendments to the accredited investor definition in Rule 501(a):--add a new category to the definition that permits natural persons to qualify as accredited investors based on certain professional certifications, designations or credentials, including the Series 7, Series 65, and Series 82 licenses as qualifying natural persons.

The amendments and order become effective 60 days after publication in the Federal RegisterHow do you think this is going to change the game for syndications and passive investors?

They'll be effective 60 days after publication in the Federal Register:According to the SEC, the amendments to the accredited investor definition in Rule 501(a):-add a new category to the definition that permits natural persons to qualify as accredited investors based on certain professional certifications, designations or credentials, including the Series 7, Series 65, and Series 82 licenses as qualifying natural persons.

How is SAVE funded via state,local, or federal funds?