The real estate books I have read stress two important points regarding the issues you raise:
1) Once you're IN to investment real estate, the most effective strategy is to be IN for life. Don't sell the asset unless it's for a like kind exchange. Then you can avoid capital gains taxes and depreciation recapture.
2) You should divide your assets up early among your heirs in trusts, sooner rather than later while the value of the asset is less. The trustees will own the asset from here on out, but you retain control thus keeping the distributions flowing to you.
Last edited by sik68; 11-29-2013 at 09:57 PM.
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