Quote from @Isadore Nelson: I recently acquired a property with an existing tenant who has been living there for about four years.

I've lost track of how many doors we've acquired from them. 

If the $700K sales price is not used correctly to acquire qualified real estate, the exchange could fail, triggering tax liability.Future exchanges will depend on the total value of the replacement property acquired, so entering syndications could limit flexibility.

Instead, they bought homes and lost money, then acquired Open Door and lost money.

I know that there are issues with any house, but it seems to us as if we have had way more of our fair share of problems since we acquired it.

What kind of seasoning is generally required as it relates to the rents/revenue as it relates to servicing the note, etc...I currently own one PadSplit (acquired via Subject-to) that has been up just over a month.

To me at my current knowledge level, this deal only works if taking over the loan - to limit the out of pocket money to acquire the property since the outside reno and new septic would take up the bulk of rehab costs. 

What type of properties are you looking to acquire, SF, 2-4 MF, or 5+ MF?

I have my eye on a large single-family residence in Bethlehem, PA, but I have yet to acquire financing.

I'm interested in how others structure their ALFs.2) I'm thinking of going with an SBA 504 loan to acquire the property and do the remodeling.