But here's the deal, if you and your husband file a joint tax return then for IRS federal 1031 purposes you are both the owner also regardless of who's name is on the deed. 

In the one year I have owned PHX the CoCr has been 6%, principal reduction is 5%, so that’s 11% a year return so in 9 years make my money back without including rental increase and the principal reduction goes up like $1000-2000/year.

It contains hundreds of files such as ebooks, checklists and spreadsheets for real estate investors: https://www.biggerpockets.com/files 8.Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsGood luck investing.

If you based it on the mortgage principal of $240k - then it was wrong.PS.

By paying off the principal I would have a good amount to refinance with a conventional mortgage loan, or towards the end I can sell the house as a flip and make a good profit while paying him back.

File jointly. 

Principal, interest, and cap gainWe cannot tell you how much capital gain tax you are going to pay because we do not know which tax bracket you will fall. 

You may need to file a report of fraud with the local police department.

The more claims you file the more it impacts your score.

Let’s just say covid  wasn’t “a thing” but we decided to take 8 months off from filing evictions and having to pay rent.