I will say the abatement if you do it right with a good contractor will be pricy since they have to abide by some different regulations on disposing of it. 

And if you do manage to get a property tax abatement or some relief from the assessor, that’d just be icing on the cake.Good luck, and let us know how it goes!

@Daniel MadhavapallilYou should hire a tax professional. 

The tax paid from your lending proceeds should be the equivalent of your tax rate I would think.

Hence the lot on which the house resided was taxed at a 45% discount based on actual value, while the tennis lot was taxed at about 4 times what it should have been by value. 

There are many tax accountants on Bigger Pockets that can help you with your situation. 

If your friends have a rental they should hire a tax professional. 

Looking for various tax strategies to reduce the reality that a large RV or boat is a grossly depreciating assetI would not have a loan, so claiming it as a primary or secondary residence and claiming the mortgage deduction is not applicable.I sold my primary residence and I have several rental properties which I use as I'm fixing them up.What I'm pondering is living aboard and working aboard developing a new product, while traveling.  

Quote from @Joshua Tucker: What specific tax benefits can high net worth individuals receive from building real estate on tribal land?

Adding the ex to the title could trigger gift tax implications, so keeping it simple is best.