Prospect is elderly and wants to sell his lot (he doesn't live on it) but hesitant because of the taxes he'd have to pay. Because of his age I doubt he'd be interested/able to 1031, and because he doesn't live on the lot he can't take the IRS capital gains exemption. What options, if any exist? His property is in Tennessee.
@Marcus Brown , An owner carry note would spread out the tax. And he would get interest income along with delayed tax. You get a lot with less down and easy financing. Or he could do a 1031 but into a fractional passive commercial opportunity.
Thanks Dave, I like the idea of owner financing but I'm seeking financing from other people in the same space, and I have no idea how they would respond to that. Worth a shot.