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residential listings because the real estate market was very
slow.
As a result, in the spring of 1994, after conferring with
their accountant, Mr. Patrick Walters (Walters), petitioners
decided to convert the 84th Street property to rental property.
From September to December 1994, petitioners rented the 84th
Street property for a few hundred dollars a month.
Exchange of the 84th Street Property
Because of liability concerns associated with renting the
84th Street property, petitioners decided to dispose of it.
Petitioners listed the 84th Street property for sale at $134,500.
Petitioners’ goal, however, was to find a person willing to
exchange rental properties so that petitioners could obtain
property in a part of town they believed more suitable for rental
purposes. Petitioners informed their real estate agent of their
desire to exchange rental properties.
Through the efforts of their real estate agent, petitioners
were introduced to Ms. Delores Henson Youngblood (Youngblood),
who owned the 116th East Ave. property. In September 1994,
Youngblood had listed the 116th East Ave. property for sale for
$67,500 with the realtor petitioners were using. Youngblood was
interested in moving out of the part of town where the 116th East
Ave. property was located and into the part of town where the
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Last modified: May 25, 2011