When March rolls around, I'd send a notice out indicating that to preserve their current rental cost, they would have to sign/renew their lease for the next school year prior to a specific deadline (like April 1).

Hello Community--As we roll towards the end of 2024, I would love your insight on the coming Spring market. 

You only roll over the 2mm, take a 500k cash out and then claim the 500k sec 121 exemption.You can think of it like taking the 500k off the top, then the remainder functions as a normal 1031 exchange would.

Here's a framework that you should know for tax planning:The further you can push your taxes out, the smaller they become.The time value of money shows us that a dollar is worth more today than 20 years from now.Planning is used to kick the can down the road, and make sure there will be available cash to pay the tax!

The notice of sale must include an executed duplicate original of the third-party purchase agreement and make available specific details about the property including the most recent rent roll, list of vacant apartments, income and expense report for the 12 month prior to the notice and any other information the Housing Commissioner may specify by rule.Tenants’ first right to purchase the building before a third-party (‘Right of First Refusal’)Tenants in buildings with five or more dwelling units have a period of 90 days from receipt of ‘notice to sell’ to form a union to exercise their “right of first refusal.”

I finally got them to open a ticket and push it through, only to get an email the next day saying they couldn't find a vendor and that I'm welcome to take care of it myself.

We could probably push it to 70k income, but we take all of the good holidays for ourselves, and we have occupancy restrictions to lessen wear and tear on the property.

It's a declining biz model.....the city is trying to crack down on them, and insurance co.s are pushing back on the testing charges (which is where the profit is).

@Jacob CampbellMy understanding is you cannot sell your relinquished property and roll over proceeds into a property you own to payoff debt. 

This is generally when depreciation pushes an otherwise positive profit to zero or below.