Plus, aging more for an experienced team will likely be less expensive because they can do it faster and faster saves money in holding costs and opportunity costs.

You ask them to release some contingencies implying you intend to keep their EMD if they do not perform.

There is opportunity in any market and just a matter of strategy. 

She owns the house free and clear.We have a lawyer.I figured this is a great opportunity for me to possibly rehab and cash out refi for leverage to re invest?

Any opportunity to produce more income?

That will give you the opportunity to hear from some other tax experts as well.

Just as in anything there are always exceptions to the rule, but by in large there are not a ton of opportunities for investors targeting condos to make great returns.  

I look forward to the relationships and opportunities on this site.

Might be the perfect chance to profit then find a new opportunity and reset your plan!

That could be a great way to find and stay engaged with local investors, realtors and opportunities. http://www.biggerpockets.com/alertsYou can also search for other investors or brokers in your market and follow their journey on Bigger Pockets here: https://www.biggerpockets.com/search/usersAnd of course, be sure to subscribe to the podcast - so much great info there and also full of inspiration.