saw that in Vegas as well.this was mainly in areas were new construction was HOT and when it stopped it came to a screeching halt and all those sub trades found themselves without a job.. and simply left. my clients bought multiple MF from me in the Portland Vancouver market.. they lost some value but did not go vacant. these were lawyers and very professional types from SF bay area.. it was a disaster for them multiple foreclosures on their fico's.. it stung bad.Not saying that will happen in the future as I am gung ho new construction personally.. but it did happen.

I would trade them in and get two reliable, fuel-efficient cars like a Honda Civic.2.

.- You are clearly putting your own interest in making money over your grandmother's interest in getting the most money for her home.You're free to ignore the law if you like, but expect to pay the consequences if you get hauled in front of a judge.

It's a trade-off: You're getting zero vacancy in exchange for taking on some additional risk with regards to/out move-in inspections and damages.

-My wife wants to go to school to get her license to be a realtor (which is awesome) but she said if we are going to start flipping that I should go to school for construction or some specific trade.

Vacant houses are a target and can result in some pretty large claims, consequently, insurance companies need to collect more premium for their law of large averages formulas to work.As an insurance agent, I get it!

I am a contractor/electrician by trade.

@Brittany King If the scope of work is limited and from a single trade, then it’s pretty easy to use the first guy’s quote to get other quotes.

In all of these cases, you will have the initial step-up basis as your acquisition cost, as if you bought it at this price.All tax consequences are also the same as if you bought it for its value at the time of inheritance.Example:parents bought it years ago for $100kwhen Mom passed away, it was worth $300kyou add $50k in upgradesyou then sell it for $375kyour step-up basis is $300kyour adjusted basis at sale is $350kyour taxable capital gain is $25k (minus commissions and other selling costs)

., sole proprietorship) does not violate the Section 1031(a)(1) requirement that the property be used in a trade or business or held for investment.