Urgent help!! What can I do? Buy, sell, 1031 exchange.

[Joanne Gonzalez]

Trying to acquire properties I put myself in a pickle. Good and bad. I used a hard Money lender to purchase both properties. 

Property one: Condo, having a hard time to refinancing, running out of time (extended 2 month), in a business name, first time doing a long term tenant and felt bad after hearing their story and ultimately got screwed over. Learned my lesson. Not only are they not paying rent I'm going through the process of an eviction and the HOA is planning to do an assessment of an additional $180 on top of the $220 we already pay. Starting to look like a bad decision, and the realtor suggest that the tenant be out before we list.

Ultimately getting overwhelmed,  feeling like I just wanna get rid of it. 

Any and every advice/comment is welcome. 

Property two: Again bought with a hard money lender, Flip the home, sold it and have a solid down payment for the next property (70k) with a 1031 exchange. I have absolutely no other funds besides my 1031 and I feel like the Charlotte area is so saturated that I'm not sure what to get. Ideally a property that I could sell later for more profit to further my profile. Thinking of maybe purchasing in another state? Really relying on my realtor for guidance but I feel like I need to do more on my part and I just don't know where to start. 45 days are counting down quick and I have until the end of July. 

Help please! :,(

[Matt Devincenzo]

Let's start with, 'flips' cannot be 1031'd as they are inventory not investment. So unless there are other details that change the transaction, you should not be 1031'ing that property. While I realize you may be in the process of a 1031, I would suggest you seriously consider allowing it to fail and paying the taxes due since it doesn't sound like your first sale was actually eligible.

Second, I'd suggest you do nothing until you resolve the condo. You have $70K to keep your head above water while you deal with that situation. I would not jump into another deal that will take time, money and attention away from the property that you could reasonably end up being foreclosed if you cannot sell or refi soon.