Also rental restrictions seem to limit options.

Anyway, it will be the same lease, just showing different dates. 

It is important to realize that everything in town is only walking distance away, the town is surrounded by both NFS and open space, and there is a limit on how high you can build. 

There will be a renewal date on it. 

This way we were able to close and have limited liability as the seller, and buyer has a bit of security if tenant does not move out. 

I am pretty sure there is a statute of limitations  

However, I'm sure many of you have faced this problem before and have already figured out how to overcome it so that your cash reserves are not the limiting factor on the amount of buy and hold deals you make.Any feedback/ideas/suggestions?

1) if the person who gave the gift recognized it on their tax return as a gift you don’t owe tax, and there is a large gift lifetime gift limit (over 5m 2) property tax has nothing to do with income tax, which is what the gift has effect on.

Make sure and carry adequate insurance with high liability limits no matter what your situation.A final thought.....and I don't have first hand experience in getting sued but knowing others who have (in Florida), it is very unlikely that a judge will force you to liquidate a property, especially one encumbered by a mortgage, to settle a lawsuit. 

Here is an example:If you purchase a house for $75k and estimate the repairs at $25k with an expected completion date of 4 weeks (I know those flipping shows say it only took them 4 days....I call BS).