You get a 15% reduction on the original investment and all capital gains made from the QOF are Tax-free.

Being upfront and polite about this is your best weapon.I can't speak to the legal aspects of this, but i would assume they have the right to tow.

I've been working with a firm that offers legal services to real estate investors for close to a year now and have slowly become a convert to the idea of real estate, looking to dive in personally and build up a portfolio over the next several years (I am living in northern Minnesota.)Other than second-hand experience I don't know anything about real estate.

I suggest you go back to him asking about legal fee dollar numbers.You need also to specify the capital gain number.

This change alone stands to gain me ~$150k+ in equity due to the increase in NOI.My concern is that firing this PM may prove complicated due to his status as a tenant.

If you choose to do business in a state without an entity, such as an LLC C-Corp, or Limited Partnership,then you’re doing business as a sole proprietor and are given no (legal) protections if something goes wrong.  

I should clarify that I didn't mean to suggest long term gains are't important or worth considering. 

I would recommend selling within the next three years; otherwise, you are going to lose the capital gain exclusion on the sale of your personal residence.

Do not rely on it for legal advice.

Have been working with city on whether I can legally add the finished basement as a unit.