In addition to that At any time he gives up title to the new property he will recognize the gain and have to pay the tax.  

That isn’t going to happen No violent crimes or past evictions - do not take on a tenant who has an eviction on their record I cannot stress that enough - ask me how I know Make sure they have a car Be sure they make 2.5-3X the monthly rent Of coarse there’s a bunch of “ people groups” whom happen to be proven to be high risk I would not accept but I will not be posting that criteria online

You have every legal right to demand, insist and state in writing that you recognize the animal is not a pet, and therefore when the tenant is unaccompanied with the animal it must be removed from the premises or in a kennel crate when left behind. 

Recognizing what work is needed, and estimating renovation costs are skills that take time and experience to acquire.

When you have built up a passive income from rentals and proven to your self and your wife that real estate works for you you can  step back from your career and spend more time building your real estate empire.Best of luck!

@Chris GuinnI do animal Friendly exclusively, those who have proven they cannot afford current rent (or are too careless to pay it on time) do not qualify for the increased rent (and responsibilities) of animal ownership.

And, the sale must be a taxable event—that is you must recognize income or loss for tax purposes.

If via debt, the lending partner will recognize interest income and interest expense is recognized by the partnership.

This real estate pro should have a proven track record of working with investors, and extra points if they themselves are also an active investor.While I am not an agent, I do know some great ones that fit the description above.

Losses are recognized on sale, not on a gift.