All Forum Posts by: Scott Wolf

Virginia is an attorney-state, so they're usually involved in RE transactions. They would draft all the paperwork for you and deal with the title company. Where in VA is the property, I may be able to recommend an attorney.

@Ryan Dyess, where is the deal?  I think retaining an attorney may be a big help in this instance.

@Brendan Anderson, while it can be found, I think in today's market, paying a lower market rent will be the goal of house-hacking.  

My advice is to run the numbers for your long-term plan.  Will it cash flow when you leave? Also, are there other ways to increase cash flow, additional garages, paid laundry etc.?

@Carlos Silva, yes.  A like-kind exchange refers to the purpose of the property, not the type.  So as long as they're both meant for investment and you follow all other 1031 rules & Regs, this is doable.

 Yes.  https://www.law.cornell.edu/us...

@Kenneth Moerschel, 1031 can defer taxes.

If it is their primary residence, they will fall under Section 121, and would be exempt from any gain on the first $250/500K depending on if they're single or married.  They must have lived in the property for 2 of the last 5 years.

@Roxanne Rose, a cash-out refi will not trigger any tax event.  As long as the 1031 is completed properly, the taxes will be deferred.

@Brad Tisdale, have you explored HELOC's on your current properties?

@Benjamin Pessah, you could become a private lender, or start looking into the note buying space.

@Carl Griggs, if you're going to buy it from your parent, and then fix and flip it, you won't be eligible for a 1031 exchange.