Selling inorder to BRRRR for the first time, tips?

[Skye Penland]

Hey Everyone, 

So we have decided to list a rental property we own for sale. We are going to 1031 the equity into a new deal. We are selling it at 250,000 and are expecting to sell it at 240,000 leaving us with about 60k after all fees etc. We are wanting to buy a 4-plex ANYWHERE... We have to purchase something at the 240k-250k level to keep our 1031 benefits. Our questions is this:

1. We plan on using hard money to fund the purchase with our 60k, will HML loan on MFR if its our first ever deal? (we have 3 traditional primary to rentals).

2. We dont know where to invest, any thoughts? Our backyard is not where we want to buy... We know it will be harder from afar but it is our goal... Florida seaside is our hope.. 

3. Due diligence... we are wanting to have a successful first time BRRRR any recommendations on ensuring we can be successful? Its a loaded request i know..

Thanks!