They really have three choices:Pay the tax right now, pocket what's left.Spread out the tax bill with seller financing.Defer the tax with a 1031, continue to get the income from the replacement, let your heirs take it with the stepped up basis.I've had this discussion with my accountant. 

So if the loan closes and the money is transferred to my account, I am free to do with it as I please?

Check your "Spam" folder on your email account.

Depending on your path you'll need a Realtor, contractor, lender, accountant, mentor, etc....

Account ClosedThanks a lot for the feed back. 

The point is that only the owner of record can transfer the property or there would be a break in the title chain.Taxes are for accountants.

I have been able to obtain a HELOC with Sandy Spring bank, but then learned that I can't use it like a checking accounts.

The difference less closing costs is deposited tax free into your checking account.

Hey everyone,  I was wondering if anyone had a recommendation for a good tax accountant in the central NJ area that specializes in real estate?  

You need to take into account your long term goals, your short term goals, your resources especially finances, and your risk tolerance.