Like Kind Owner Wants To Sell
I have run across a multi where the owner is very flexible and willing to assist in financing but wants to avoid taxes due to aquiring the property thru the like kind tax shelter. She is going to be purchasing a new property with the capital gain to avoid taxes due come april 15, 2004. What are some ways to approach this creatively. I want to get my name on title for 12 months and then refinance into my name????
You could try a l/o with a refi in a year if she is willing to wait for her money. Just make sure to season the title by filing a memo of option.
Anymore suggestions on this subject?
Could you please clarify what a "l/o" is and also what a "memo of option" is. Thank you.