I’d love to hear your thoughts and maybe exchange ideas on how we can leverage these advancements. 

There are a couple of unique tax laws to real estate investors - 1031 exchange, bonus depreciation on certain improvements, Qualified Opportunity Zones, real estate professional status, etc.Make sure that the accountant you interview to understand the above concepts.best of luck!

Long term play would be to either use it as a short term rental or 1031 exchange it after 2+ years.

What happens if you lose on it, you now have an additional liability, not just a loss of money.Are you planning on keeping the current property or exchanging it (1031) into something else?

In our still relatively limited experience, seller financiers are usually looking to get a higher asking price in exchange for the favor of the private loan. 

Quote from @Marcus Welson: Hello everyone.I'm trying to breakdown how an IRS 1031 extension notice applies to a 1031 exchange.

I want to find something local (Los Angeles area), move in, do small renovations to possibly build up more equity, do a 1031 exchange, and find something better. 

You also might consider a 1031 exchange to a better neighborhood.

Best way to scale and build wealth is to 1031 exchange and I can help show you examples here in KC. 

@Kezia Edmonson, it's all about the valuations as @Jon Taylor mentioned.In your 1031 exchange you must purchase at least as much investment property as you sold in order to defer all tax.