If you are in the unfortunate position of having virtually all of your total IRA assets in real estate, you will have to sell (at least some of) the real estate in order to raise the necessary cash to make the distribution.

They usually have a home inspector come in to explain the process and then the home inspector distributes their info to the future agents.

I would imagine they wouldn't balk at signing a new month to month lease that has basically the same provisions that they are living under.If you want to jack up the rent or make some major changes (Like saying no pets but they all have pets) then you might get push back or have people leave.I'd get the tenants to verify what the landlord told you and them ask them to sign your documents which will go into effect subject to you actually purchasing the property.

I have an opportunity to purchase a home tomorrow subject to the existing mortgage (~60k) which will give me immediate ~25k or so in equity.Do any of you had advice to purchase subject to with the due on sale clause or to avoid the transaction?

Residential, owner occupied is 3 months PITI, BTW.Commercial will be 6 months to a year, rather subjective really as the type of property, age, condition, location, market and expected income are all considered.

@Karen Margrave --funny, I am reading one of your blog posts on the subject right ow.Looking to buy 25-30 Rental units in Detroit or San Antonio market as a start.

Then the personal property would not be subject to real property depreciation, which defeats the objective.

And several Items need to be taken into account. 1. your transfer to the LLC may be subject to local transfer taxes.

You typically have two years to find property that must have a similar use: Our friend @Bill Exeter has a great page detailing this type of exchange: http://www.exeter1031.com/1033_exchange_faqs.aspx#howSection 1033 US Tax Code(B)Period within which property must be replaced The period referred to in subparagraph (A) shall be the period beginning with the date of the disposition of the converted property, or the earliest date of the threat or imminence of requisition or condemnation of the converted property, whichever is the earlier, and ending—(i) 2 years after the close of the first taxable year in which any part of the gain upon the conversion is realized, or(ii) subject to such terms and conditions as may be specified by the Secretary, at the close of such later date as the Secretary may designate on application by the taxpayer.

Your MIL's IRA would be considered to be fully distributed.