I've played with the idea but it seems you have done much more research and education on it.

Is LA just an appreciation play?  

And about 30 or 45 minutes worth of other bullet points, often the result would be that you would then go back to the taxpayers with (this is often how the choice would play out) "hey here's option A or option B, A has you paying less in taxes this year, but you mentioned that you might want to buy a home this year, option B might be more advantageous for that.

Erik - just an FYI any passive investment or JV partner investing in a deal with you is considered a security if they are strictly passive and have no active role in the JV or LLC thus requiring an exemption with the SEC and the State to be filed. 

This could come into play if a tenant challenges your eviction or other court action and taint your claims by saying your lease was mis-understood and is not "Plain Language" and doesn't comply with State Law. 

If they want to play the game and have an extra 5 days to pay, fine, but don't be upset when that time comes when you screw up and I want an extra $35.

What do you like to play?

This is playing the numbers.

You need to speak with your CPA on this as the BP community is not licensed to give tax or legal advice.Intent plays a huge role in the taxation of ordinary income from a “flip” or capital gains from a buy and hold.

We knew the play was an apartment building.