If you merely go into physical possession, then redeeming parties could argue you have not had exclusive and continuous possession for three years and they still have judicial redemption rights. 

I would also advise him to take his tenant to small claims court, if necessary, for the simple exercise of letting the tenant know that every move they make that does not conform with his rules will be painful.You speak of eviction as though it is the only recourse, it is not.

May even be helpful to list things like what date they have to notify you of exercise of an extension, etc.

1) IRS does NOT care if the final transaction value turns out to be much much much higher or much much much lower than whatever I filled out to be the value of the property on the identification form.2)  my idea ONLY works if the improvements are physically done before the closing. otherwise it will be considered exchanging into property+contract, and that's not like kind. 

I also believe that I won't be able to build forever and need to plan ahead to a career when I am less physically capable of building. 

Purchase price: $2,150,000 Cash invested: $750,000 40 Unit C-class Garden Style Apartment complex purchased in B/C area with strong economic momentum, operational and physical value add strategies that will realize cash flow and equity growth.

To be honest, as I see you are in Chicago do you really need to physically see your accountant. 

Key here though is we are 1.5 years in and likely won't sell til year 3 so it's been a long slow burn of constant learning and rolling sleeves up/getting dirty (like physically really dirty).

Where they want to see everything, including your last physical results ;) tax returns and a personal financial statement is all I have to give!

Relying on it for those purposes is an exercise in futility.