So, the basis would still be your adjusted basis, no step up to FMV.In general, the IRS doesn't respect "self-dealing", which is selling assets to yourself, a family member, or a company you control.These issues get complicated, which I love because I get to charge my time helping clients through these issues!  

@Link McGinnis - My plan is to fix it up gradually over the next couple years and rent out the entire place.

@William Hochstedler, is correct in that it is a issue of supply and demand.  

The reviews are great- I've linked it below.Niagara .8 gpfIf you haven't put in water-saving showerheads, that's an even easier way to save- the install tends to be quick.

I appreciate the links! 

And talk about predatory, points on my sale price, not good.As to originations, there are many RMLOs out there who think they are compliant in doing seller financing, actually not from several fronts, their employer/broker must have such loans in their charter, insured and bonded lenders aren't covered with equity funded notes, and if they do any volume they may have loan concentration issues of high cost mortgages, this goes much deeper than what our newish loan originator testing goes to that they learn and it doesn't even go into underwriting!  

You become immune from employment issues and the PM takes that responsibility.In Calif, 16 or more units REQUIRE an on site, 24/7 manager by law.

@Nicholas Reece thanks so much for the link on the book.

Or is through an chosen agent the most reliable link to the actual situation. 

If you would like to direct message me, I can send you a few review site links and a few other discussions from Bigger Pockets where users have spoken of their experiences with various software.