He has no intention to sell. 

They all live very intently in that they get the high priority, forward moving things done which allows them to do whatever they like after those tasks are done. 

I bought with the intent to upgrade one side at a time and bring rents to market, and the purchase price reflected that.

However, if you convert them to individual unit, and you had intentions to rent it out and hold long term, but you get unsolicited offer, you could get cap gain treatment. 

The intention will be to occupy the property shortly after building completes and rent the property out for some great cash flow.

The intention will be to occupy the property shortly after building completes and rent the property out for cash flow.

Knowing they are leaving that behind will allow them to leave this world in peace when that time comes.If his intentions are anything like those of my folks, What you’re doing goes far, far beyond preserving the ownership of his 15 rentals, hell if that was the case, he can sell and buy into a DST and just roll them until death to get the step up in basis.

For all intents and purposes, absentee owners stay true to their name; they exercise more of a laissez-faire approach to the concept of owning a home.Absentee owners may be away from their properties for countless reasons.

Its BORING.Wholesaling  IS TELLING the seller  that I have no intention to close and I will sell the contract to an other.

But the fact is you will pay around 20K more buying turnkey than doing it yourself and typically you cannot sell again without making a loss in the first 7 to 10 years.That's what turnkey is, you pay what I am saying is "too much", in exchange for no hassles, no hidden problems and a rental/maintenance guarantee.I'm not saying it's a bad idea, that's just the facts.If I was starting out again in Memphis and I was time poor I would probably come to you for homes because I have no intention of selling and I want a hassle free experience.