If you were to consider, we would have the commission reflect the time period - 1/2 commission for six months in this case.

I am not afraid of a challenge but I just do not want to be in a position where I get into a legal battle that gets dragged on for a lengthy period of time.

You typically have two years to find property that must have a similar use: Our friend @Bill Exeter has a great page detailing this type of exchange: http://www.exeter1031.com/1033_exchange_faqs.aspx#howSection 1033 US Tax Code(B)Period within which property must be replaced The period referred to in subparagraph (A) shall be the period beginning with the date of the disposition of the converted property, or the earliest date of the threat or imminence of requisition or condemnation of the converted property, whichever is the earlier, and ending—(i) 2 years after the close of the first taxable year in which any part of the gain upon the conversion is realized, or(ii) subject to such terms and conditions as may be specified by the Secretary, at the close of such later date as the Secretary may designate on application by the taxpayer.

So if their was no o/o bid it would switch immediately instead of a holding period between the two?

According to their late fee policy, they start to charge late fee $75 the first day past the due date, no grace period.

The max length my 401k loan allows is 48 months, but for this purpose lets assume that I can do a 67 month loan and have the 401k payments end the same time that the MIP would have naturally ended.So over the 67 month period, I could either pay $150 per month of MIP or $367 per month to my 401k.

Period.

Long story short, I'm in $20K in repairs on this property in a 3 yr. period.

The county or city sells off this lien because the need the money TODAY to keep funding county or city operational services for the well being of the public.There is usually a redemption period where the full amount and any penalties must be paid ( no partial amounts accepted ).

Having an idea of how many VIABLE candidates you can drum up in a short period of time will give you a sense of whether you should consider raising rents for the whole building and/or how quickly you could raise rents.