In this event, if you own several rental properties and only sell one, you can't take the deduction because you won't have sold "substantially all" of your interest in your rental activity.In addition, you must sell the property to an unrelated party—that is, a person other than your spouse, brothers, sisters, ancestors (parents, grandparents), lineal descendants (children, grandchildren), or a corporation or partnership in which you own more than 50%.

It was an off market deal that I brought to the attention of the City of Schenectady and asked them if they would foreclose on the house because I could not find the owner (he had passed away in 2012), nor any of this children.

Our children actually like it better in Nevada than California.  

That can be viewed as steering away people with children and familial status (people with children or who are pregnant) are a protected class with regard to real estate.

Owner has proposed following deal:- $240k purchase price - All furniture included - 20% down ($48k)- 4.5% fixed interest rate - 2 year balloon payment Would you do this deal? 

It turned out that we had known each other as little children, and neither of us remembered, but we both had group photographs with the other in it.

It's about leaving a LEGACY.My goal is accumulate $1 BILLION worth of A/A+ assets like hotels that I can pass on to my children, and in the process of doing that, give away 50 college scholarships to help orphaned children.

Or most dreadfully sit around and wait for children and grandchildren to visit.

I ended up leaving the furniture (it was just IKEA stuff to begin with).

He planned to hold his rental long term and pass it on to his children and was told as an individual, on death, there is a stepped up basis where his heirs do not pay capital gains, but as a corporation, there is no such thing.