From what I read online, if there is no cash exchanged, then there is only a $10 registration fee.

@Charles Hayzer Spoke with my associate we can setup a conference call in sometime Tomorrow morning around 10-11am if that works we can exchange numbers on A PM.

This is the same mechanism we use to structure Reverse exchanges and then "flip" the property we are holding back to the client.By assigning the LLC you avoid a second real estate closing, any transfer tax, title policy reissue, and revaluation by the county appraiser.  

It's a little similar to a 1031 exchange, but there's no intermediary needed and no escrow that has to be set up.

Granted you could always tell them "No, sorry...Get out", but more often than not these are great tenants who you've established a relationship with, and it's better to keep them in place than push them out in exchange for an uncertain outcome.It's also common to find more work that needs to be done (painting, floors, leaks, etc) that wasn't evident until the unit was vacant, which in turn often delays the availability of the unit.3.

Foreign exchange housing?

I have clients that will let go some of their multifamily properties to 1031 exchange.

@Jim Gonzalez, There is a possibility that you could sell the condo now and buy another vacation rental without paying tax on the gain using a 1031 exchange. 

@Filak Thomas What you're referring to is a 1031 exchange and while I don't know all the details because I've never done one myself I do not that there is a time limit of like 45-60 days from the day you sell your home in order to qualify on the not paying taxes bit.Also, for capital gains tax on an investment property you only need to own it for one year.

I've been thinking about selling and doing a 1031 exchange for a like kind property.