Lately I've been trying to do some reading on how to put myself in the best position to minimize taxes from rental income. 

It'll be a regional bank doing them for a loss to build karma, or to check Community Reinvestment Act boxes, that sort of stuff... still kicking and screaming, but they'll do it, they have some incentive other than making a buck on that particular loan (they won't). 

His goals are to save realtor fees, minimize taxes by spreading things out, and to earn a good return over a longish period of time.

Like what Nabil mentioned, you may not able to recoup your losses if he has no assets or trail of any assets.If you signed the contract as an individual, you can get help from the city attorney when you file a lawsuit and present the case without attorney representation.I hope that helps, good luck.

It's a matter of understanding the law, building experience, and developing solid policies and procedures to minimize your risk and increase income.

I looked at filing an amended return but it doesn't really have any line items for carry over losses from rental property from the previous year.

How can you get out of the accepted offer while minimizing repercussions?

Your first loss (attorney's fees) will be your best loss.

Some people know just how to appeal to one's emotions and you need to utilize what little you can "know" about someone vs what they "told" you.I don't think many would argue with the fact that placing a good tenant is the key to profitability or loss in this business.

.*  Wife cannot refinance and pull out my half of equity because she is self-employed and W-2's minimal income.Obviously, the cleanest and safest route (for my half of the equity) is to force sell of the home.