Sounds like you may have created a taxable sale based the information you have provided.Like Ryan said 1031 exchanges must be handled properly otherwise they won't be recognized.

I have read some of the many post on this topic, and from what I can work out LLC's offer protection if they are treated and run as a proper business, and not just an easy form of protection against negligence.

I've also seen a product that goes on over tile and looks like granite, some type of granite conversion.

The plan funds the transaction, the property is properly titled and John earns a standard commission which he puts in his "personal" RE business.

I'd like to buy a home soon, and I don't want to wait long enough to save up a proper down payment.

My though twas the IRS would look at the owner from a legal standpoint which would be me as title would be in my name but again the land contract would be in place giving them vested equity well thats not the proper term, proper term eludes me right now, but you know what I mean...thx Steve!

Brian,In your listing agreement you signed it should say acceptable forms of communication that are selected e-mail,written,fax,certified mail,etc.If e-mail wasn't selected then contractually that is not given proper notice for a price change.Did she confirm BACK to you when you sent the e-mail about the price drop??

Is there anything specific I need to look out for to make sure the problem is taken care of properly i.e damage to the structure etc.

Not necessarily for the actual default but in the future, if you don't properly disclose that default at every turn, you have committed fraud.

Hi All BP-ers,My name is Jacob and I am currently doing research on making propertymanagement/investing more fun, productive and profitable.As a PM/Investor/Agent what are the biggest problems you face on a day-to-day basis?