@impedance19 

"Based on your solution (progress billing for installment sale) how would I remove in QB the condominium as an asset?"

The condo asset should have been removed at the time of the sale (see my journal entry above).  The condo's fixed asset account and accumulated depreciation should have been closed at the time of the sale since you no longer own the asset and you needed to remove the asset and corresponding accumulated depreciation to determine the gain.  The nature of the gain (whether deferred or not) is something you should not try to allocate yourself.  It is a calculation based on the gross profit percentage of the sale.  Your CPA will do that.  After you remove the asset and close the accumulated depreciation based on the journal entry above, you just need to allocate the payment received from the buyer to the Note Receivable asset account (the principal portion) and Interest Income (the interest portion).