Any comments would be appreciated.http://www.realtor.com/realestateandhomes-detail/407-E-Market-St_Bloomington_IL_61701_M89288-86257#photo13

@Lindsay McLaughlin I second what @Bob E. said.

Join me at How to build your teamhttp://meetu.ps/e/.ffwxwlyvpblb/wB380/aI hope to see you there!

A person might have a passion for helping people with their health and decide being a doctor working for a hospital as a W-2 employee is the way to go (the "E" quadrant), maybe because they know someone personally who's a W-2 employee doctor, versus another person who has the same passion for helping people with their health might decide the best way to help the most people is to open up a bunch of hospitals and run them as a business (the "B" quadrant). 

If someone comes to me, I'll send them your way.If you need help in your search or want to verify something don't hesitate to ask.For example: I have clients worldwide and things are just as easy as I e-mail them, talking on the phone.

@William E.

There have to be other elements going into this tax calculation of 14k vs 40k because you're going to have a loss on this year's schedule E I'm willing to bet.

The rental portion can be depreciated whether it is a complex or personal residence, and all the income and expenses need to be reported on Schedule E as you would report a normal rental property, but just for the portion that is rented out.

It's far easier to claim 1031 applicability for a property that is reported on Schedule E rather than Schedule A of the tax return.Rev Proc 2008-16 gives a safe harbor (which of course doesn't preclude any other scenarios) by saying a hold period of 2 years and rental of at least 14 days/year and personal use limited to 14 days or 10% of the amount of time rented for both relinquished and replacement properties.Actual rental is valid but not required by statute.  

@William E. good information, thank you!