@Kevin Porter If you're considering selling your rentals, let me know where they are and what you're thinking for sales price. 

Can the partners get the full 121 benefit after living in the properties for 2 out of the 5 years prior to sale - No (but a qualified no). 

From the day we take title you then have 180 days to sell the properties you want to exchange into this new property.Reverse exchanges can be a great way to lock up your new asset first and mitigate some of the risk associated with trying to get someone to give you a contract contingent on several sales. 

Full disclosure I just passed my Real Estate sales license and am looking at hanging my license with them.

When it comes to NC I think investing is much riskier along the coast because the storm surge and high winds.

Have you thought about going into sales?

@Ronnie GalindoIf you can wait another year, look into Internal Revenue Code Section 121 - exclude the gain from sale of your principal residence under certain circumstances. 

Hi all,There are many reputable companies who will list properties (for sale) on realtor.ca for a flat fee without the use of an agent, hence saving commissions, but I haven't been able to find anyone reputable for leases. 

You can clearly spell out, in the articles, who owns what share of the company, how proceeds from sales/revenue are distributed, and it eliminates the potential for someone trying to "switch the percentages" down the road so to speak, because it is a formal legal structure. 

Honestly, it's too bad that the operating part of your dad's business does not carry with it some residual value of some sort with regards to that commanding a sale price.My hunch would be that this would be far too risky to embark on as a first go of things.Especially, from what you're mentioning this may have a large impact on the quality of your dad's retirement.If you have the funds and can structure something, the place to start would be to engage with an A/E firm to get a cost estimate generated for a concept building like you're mentioning.