Is there any way for me can have the government legally consider my situation where I can take business expenses to lower my personal taxable income?

-Demand hasn't decreased for housing.

Evictions decreased in 2020, eviction court has gone virtual, less evictions ruled against tenants, and speaks about rental assistance programs.Originally posted by @Will Fraser:Thanks for the thought, @Rob Bergeron!  

Our income has decreased for the last two years since we were traveling end of 2019 and early 2020 plus COVID shutdown.

Refinance is not a taxable event so it doesn't need to go back into the QOZF.

IRA will be taxable, and you would have to pay penalties for premature distributions. 

In regards to your second question on whether it matters if you pay top dollar in a 2021 market, it does matter quite a bit if you are planning to sell or refinance the property in the future if prices were to become stagnant or decrease once supply goes back up and/or interest rates rise quite a bit, but it shouldn't matter so much if you plan on keeping it for the long haul. 

Would you be open to potentially decreasing his rent for a couple months (he would still owe the difference on the tail end) in order to maintain him as a tenant?

Hey @Tiffany Onwudinanti - If you have debt, I would highly recommend trying to knock that down to decrease your debt to income ratio.

The taxable value of the property would stay the same and not reset since you are not changing ownership.