It easily takes 60 days or more for last invoices (for work done while they were managing) to be received and paid, finalize their accounting, close the month end reports and provide your final reports, and any remaining balance due, to you.

The residence is effectively retained with no current tax cost because the gain on the sale is excluded under IRC Sec. 121 (provided all the requirements of IRC Sec. 121 are satisfied)In Ltr.

Keep in mind, there are definitely fixed-overhead expenses in terms of paying cleaners, handymen, short term rental commisions, etc, but the point remains, your property is under-performing, I can see that, and I can fix it.

If a bank were to look at this situation would we be able to take both of our salaries to satisfies the banks debt to income ratio or would it be all on me because I am the domestic resident?

@Dave Foster please chime in on the two dollar amount conditions, and of course any other thoughts you may have.if you don't transfer enough to satisfy the requirements, the "excess" is considered what as call the "boot" and you just pay taxes on that amount.Just remember, before you start that this track that once you start you kinda need to keep going until you "drop" --- i.e. die. 

Brainstorm #1Is there a way to structure the entity where I might own 20% of the entity, the LP backing this venture would own 20%, and then the new sponsor would have the remaining 60%, to ensure underwriters are focusing just on the new sponsor?

It doesn’t matter if your buyer transfer title to someone else or not….the mtg on the property remains. 

You could take the remaining 200 as boot or use it on a back up property that was on your list.That’s a long time for a property to stay on the market.

I believe here in Florida the contract actually remains valid and the estate representative handles the closing (albeit with possible delays depending on probate). 

My client isn't sure about having a pet, but she currently renovating 1 unit and staying afloat with rental income from the remaining 2 units.