I am looking to purchase an extended stay hotel.

Beyond real estate, I have a background in media production, including event setup, documentary filmmaking, and television production during my time at PBS CET.

I sell insurance and prepare income tax returns but I am not an attorney and don't play one on television or radio.The Illinois Legislature has a law either pending or just passed that will GUT LLC protection.

Quote from @George Skidis: Not an attorney and don't play one on television.

It will be extended, we'll see a reduction in regulations that hamper small businesses, and we'll see new regulations that help small businesses.

You could always extend if needed, but you have options.Happy to discuss offline if that is helpful. 

This safety measure aims to prevent structural failures and ensure tenant safety.Originally, the first inspections were due by January 1, 2025, but a recent update—AB 2579—has extended the deadline to January 1, 2026.

It is still a seller's market in many geographic locations, so you can ask potential buyers for an extended closing period and/or with options to extend the closing period. 

It would be a great opportunity to extend out to some real estate professionals.

So if I understand this correctly, by qualifying to extend the 5 year rule to 10 yrs, $250k if single or $500k if married of proceeds from this sale would be exempt from capital gains?