OK... First of all... Hello and good day!

I posted this in a different forum and haven't gotten a response. I am hoping that someone may have an answer here.

Here is what I posted:

Before my client, was actually a client, he unknowingly got involved in what Yahoo finally figured out to be a link farm. The hosting company was encouraging all of their clients to link with one another.

Once Yahoo determined this, 1000's of sites were blacklisted and lost their rankings completely. The big crash was some time around July of last year and the sites (I have several clients with this hosting company) have still not recovered AT ALL. Even the ones that are not my clients and have been worked on by other professionals. The site is still in the index and in the directory. Since this penalty his rankings in Google, MSN, and Yahoo have also dropped.

My suggestion to him was to start a new site with a new hosting company under a new domain name. This way the bad taste that Yahoo has about the existing site will not longer be there because it is a completely new site.

It will consist of the same information, but it will be organized and optimized to the extent it should be. That is why I was hired in the first place.

Now here are my questions.

When do I have the existing domain transfered, and if it is transfered with a 301 redirect, will Yahoo see the new site to be the old one and carry over the penalties? Did that make sense? What if I contacted the site owners of the good backlinks and ask them to change the URL and anchor text?

Also... I have notice that Yahoo and MSN are usually the first to begin ranking new sites. With this in mind... if the existing domain that has a good PR is redirected to the new site... will the existing PR be transfered as well?

Also... which domain name should be submitted to the search engines once the new site is up and running. I say the new domain should be submitted and the old one should 301 to the new one so that the site looks fresh (which it will be) and without bad seo techniques?

Please tell me if these questions are asked correctly and if there is anything wrong with my plan... please say so. I don't want to do this wrong!

Thanks in advance and hope to hear from anyone soon!

PS... if it helps any, the domain name is www.frankelrealtygroup.com