Buying a "C" corp held community

During the MHM5 conference the subject was brought up of buying a “C” corp that owned and actual MH community. Obviously we do not want to keep it in a “C” corp. but someone brought to the table the possibility of transferring the entity to another entity but there would be a 10 year period that you would have to hold the property before you could sell or else you would have all of the capital gains based upon the original tax basis.

I would like to learn as much about this as I can and would appreciate any information anyone has or a direction of where I can go to learn more about the different possibilities available.

I have spoken with my California Attorney who said to stay away from a corporate held community due to the obvious tax implications and liabilities that come with a “C” corporation. But I like to think outside the box and never say never!

Looking forward to a great conversation!!

Paul Burke