Since these actions are very state specific, and involve an understanding of esoteric features of civil law, it’s vital that your friend engage the services of an attorney specializing in ASSET PROTECTION and licensed to practice in the state in question.  

@Tim Jernberg, A drop-and-swap 1031 exchange is the only practical way for you to exchange while your partner cashes out, but it carries heightened IRS scrutiny.

Practically speaking, the path forward usually involves confirming whether the restriction is actively enforced, whether there’s any amendment or variance process, or whether alternative uses (home office, guest space, storage, etc.) make more sense short-term.

Yes, but only if the seller and buyer in the exchange are the same taxpayer.In practice that means:She must be the owner of the relinquished property when it sells (or the estate must be the exchanger if the estate is selling it before distribution).The 1031 has to be set up before closing with a qualified intermediary.

I believe most states consider preparing deeds to be the practice of law unless it is related to the issuance of a title policy so unless there's an attorney on staff a title company probably can't legally prepare it unless they're issuing a title policy.

Start practicing now by underwriting Memphis listings and tracking ARVs, realistic rents, and market trends, and spend time getting familiar with the Memphis neighborhood map so you understand which areas align with your risk tolerance and which ones don’t.

In practice, that flexibility often matters more than the headline rate.

There are also many companies, including insurance relocation companies, that you can submit your property to so they can contact you when they have a need in your area.Your question about adjusting your price is a complicated one to answer.

The overall inventory is trending down.Rental Market TrendsThe charts below are only relevant to the property profile that we target.Rentals - Median $/SF by MonthRents were flat MoM again, and practically flat YoY.

The near-misses I’ve seen this year almost always come back to optimistic ARVs or thin margins that didn’t leave room for today’s underwriting.Looking ahead to 2026, early indicators point to:Continued DSCR focusSlightly tighter LTVsMore emphasis on durability vs. max leverageThat lines up with recent commentary from groups like the MBA, AAPL, and broader private credit analysts showing banks staying cautious while non-QM and DSCR demand holds steady.Feels like a market that’s rewarding clarity and discipline more than creativity right now.Thanks for the sharp take @Christian Wamsley and spot‑on about DSCR becoming the practical default with its focus on real cash flow coverage and realistic underwriting.