I had them complete a Mutual Cancellation of Lease and Personal Property Release Agreement.

I know that may sound obnoxious but we were both mutually agreeable to that. 

It’s kind of weird to tell people I am going to be living with my parents again, but it’s a mutually beneficial deal!

Currently, we are renting out that property.For tax purposes, we realize that it would be beneficial to switch the mortgage to the 2nd property so that we can expense the mortgage interest and property tax from the income.

This can be extremely beneficial to the insured and is the ideal coverage to have.

Wondering if a 1031 exchange is possible and if it would be beneficial to meCURRENT PROPERTYBought the current property for $212K ($50K down and 162K mortgage)Made $53K of improvementsClaimed a total of $63K of depreciation on schedule E over the yearsAdjusted Basis is $202KI plan on selling for $280KLess approx. selling costs of $18K leaves me with $262K from the sale (mortgage is paid off)Therefore, my capital gain is $60K I calculated Capital Gains tax due of approximately $18KNEW PROPERTYI am planning on buying a new rental property for approximately $550KUse $150K of the $262K as a down payment on the new property and taking out a $400K mortgage for the differenceUse the remaining $112K for my daughter’s college fund.I plan on keeping this rental property for 3-4 years and then either sell it or convert it over to my primary residence when I retire (I should be much lower income tax bracket then).

Hi Willie,That's 11,500 per door, it must be in a tough area.Try this, call some:Local Savings & Loan Associations,Local Federal Savings Banks; orLocal Mutual Savings banks.Whatever name they go by in the city where the property is located.Some of these places will do a commercial loan locally on tougher assets to keep the area from further degrading, and may lend on easier qualifications than federal loans. 

We all know however that most of RE investing is not 100% passive like throwing money into a VTSAX mutual fund or something.

Would like to connect with other like minded GC's so I can trade information about our mutual subs.

I sell real estate here in Honolulu full time and one day I saw my friend post something on Facebook about our mutual friend selling his condo in Waikiki.