Buying my Fathers multi-unit apartment building
My dad has been talking about selling his small 16 unit apartment building, we both have decided that I will take over the complex and he would even owner finance to keep it in the family. Is there a good way to make the transition without him paying so much in capital gains tax? And since he don’t mind owner financing I’m going to assume I’m in good shape paying very low interest? Thank you!
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Is that his goal? To pay as low taxes as possible? And you say the word 'assume' and it really makes me cringe, especially when it comes to doing business with family.
My suggestion is you both be extremely clear on what your goals are and have it written down very clearly.