I don't own the property but I'm analyzing it and want to make sure if a tax reduction is allowed to determine feasibility of purchase.

Short term: (1) determine investment goals (target ROI, markets, property size, capital stack); use this to dictate where and with whom we invest. (2) market research to evaluate where and what will meet investment goals (this is where my OP question about analyzing properties with rent control comes into play). (3) decide to sell or refi our 4-unit property in line with points (1) and (2). (4) analyze cost benefit of selling GP interest as capital source in line with points (1) and (2).

Will this be considered as an investment property by the IRS?

Will this be considered as an investment property by the IRS?

If you want to defer all tax like you have to do two things - purchase at least as much as your net sale (contract minus closing costs) and you have to use all of your proceeds in the next purchase or purchases.As @David M. says (Mr Foster is my dad by the way David :). you can purchase less than you sell and you can take cash out but when you do that the IRS interprets that as taking profit first. 

@Gaetano Ciambriello - one must be super determined to change primary home to build this type of asset base.

@Lonell Slaughter, 1st thing to do is get a title report, or at least a preliminary title report for the property house so you know for sure who owned it and what if any loans, liens, or other encumbrances are on the property.  2nd Thing is to determine whether the owner (your Great Aunt?) 

The lenders determined that it was a student rental because of that I had an issue getting financing.

See IRS publication 523 

I can crunch the numbers myself and determine if property is a good deal, but just need agent's help to find deals.