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Being a landlord sounded like a smart move when you bought that rental in Nokomis. Maybe it was a beach-close investment, a snowbird unit, or a property you inherited and figured you’d hold onto. But somewhere between the 2 a.m. plumbing calls, the tenant who stopped paying, the rising insurance premiums, and another year of property taxes, the dream started feeling more like a second job you never applied for. If you’re ready to sell your rental property fast and move on, you’re far from alone — and the good news is, you have more options than you might think.

Nokomis is a desirable little pocket of Sarasota County, and rental properties here — whether they sit near Nokomis Beach, tucked into Sorrento Shores, along the quiet streets of Calusa Lakes, or in the established neighborhoods around Nokomis Groves — tend to attract solid buyer interest. That’s actually working in your favor right now. Let’s walk through what tired landlords need to know before selling.

Signs You’re Ready to Stop Being a Landlord

Sometimes the decision sneaks up on you. You don’t wake up one day and decide you’re done — it builds. If any of these sound familiar, it might be time:

• Repair costs and Florida insurance premiums are eating your monthly cash flow
• You’re dealing with a non-paying tenant, lease violations, or eviction headaches
• The property needs major work — roof, HVAC, plumbing, or hurricane-related repairs
• You live out of state and managing from a distance has become exhausting
• You’ve built up significant equity and want to cash out before the market shifts
• You inherited the property and never wanted to be a landlord in the first place

Whatever your reason, selling fast doesn’t mean settling. It means choosing a path that fits your life right now.

Capital Gains Tax: What Florida Landlords Should Know

Here’s a piece of good news: Florida has no state income tax, which means no state-level capital gains tax when you sell your rental. That alone puts you ahead of landlords selling in most other states. However, you’ll still owe federal capital gains tax on any profit, plus something called depreciation recapture — that’s the IRS asking for some of the depreciation deductions back, typically taxed up to 25%.

A few quick things to keep in mind:

• Long-term capital gains (property held over a year) are taxed at 0%, 15%, or 20% federally depending on your income
• Florida’s documentary stamp tax on the deed is currently $0.70 per $100 of the sale price — usually paid by the seller
• If the property was ever your primary residence, you may qualify for partial exclusions

Always loop in a CPA before closing — a 30-minute conversation can save you thousands.

1031 Exchange: Trade Up Without the Tax Hit

If you want to stay invested in real estate but get out of this property, a 1031 exchange is worth exploring. It allows you to defer capital gains tax by rolling the proceeds into another investment property of equal or greater value. The rules are strict but manageable:

• You have 45 days from closing to identify replacement properties
• You have 180 days total to close on the new property
• The transaction must go through a qualified intermediary — you can’t touch the cash

Plenty of Nokomis landlords use 1031s to swap a high-maintenance single-family rental for something easier — a turnkey duplex, a vacation rental elsewhere, or even a share of a larger commercial property.

Selling With Tenants vs. Vacant: What Works Best

This is one of the biggest questions landlords ask, and the answer depends on who’s buying. If you list on the open market, most retail buyers want a vacant home they can move into or renovate. That means navigating lease terminations, offering cash-for-keys, or waiting out the lease — which slows everything down.

Selling to a cash buyer is different. Investor-buyers often prefer occupied rentals, especially in neighborhoods like Sorrento Shores or Calusa Lakes where stable tenants and steady rent rolls are attractive. You can sell as-is, keep the lease in place, and skip the showings, repairs, and tenant disruption entirely.

If you’re ready to talk through your options — whether you want to sell vacant, sell occupied, explore a 1031, or just get a no-pressure cash offer on your Nokomis rental — give us a call at (619) 480-0195. We buy rental properties nationwide, handle the paperwork, and can close on your timeline. No commissions, no repairs, no surprises.

Frequently Asked Questions

Can I sell my Nokomis rental property with tenants still living there?

Absolutely. Cash buyers and investors regularly purchase tenant-occupied properties and honor the existing lease. You won’t need to evict anyone or wait for a lease to end. In fact, an occupied rental with paying tenants can actually increase the property’s appeal to investor-buyers looking for immediate cash flow.

How fast can I close on a rental property sale in Nokomis?

With a cash buyer, closings typically happen in 7 to 21 days, depending on title work and your preferred timeline. Traditional sales with financing usually take 45 to 60 days. If you need more time to coordinate a 1031 exchange or tenant transition, most cash buyers will work around your schedule.

Do I have to pay capital gains tax if I sell my Florida rental?

Florida has no state capital gains tax, but you’ll still owe federal capital gains and depreciation recapture on any profit. The exact amount depends on your income bracket and how long you owned the property. A 1031 exchange can defer these taxes if you reinvest in another qualifying property within the IRS timelines.

What if my rental needs major repairs or has code violations?

You can still sell it — as-is, in whatever condition it’s in. Cash buyers expect to handle repairs, code issues, deferred maintenance, and even open permits. You won’t need to fix the roof, replace the AC, or clean out the property before closing. Just bring the keys and walk away.