This can be a game-changer, especially in neighborhoods like the South Loop or near revitalizing areas like Pilsen, where property values are expected to rise.Improvement Exchanges: Recent IRS rulings allow you to use exchange proceeds to make improvements on a replacement property while still qualifying for 1031 deferral benefits.

Your best bet is to ensure that there are no material modifications that would in any way harm or even moderately delay the ability to rent it out and qualify as a normal SFR (one lease, one family) or sell on the market to an owner-occupant

Since you can't make improvements or exchange into property you own, your qualified intermediary would take title of the property while you  make the improvements.

However, rental real estate activities in which you materially participate aren't passive activities if you qualify as a real estate professional.

You qualify for installment sale treatment on the taxable gain if you go with seller financing, which is at least something. 

Are you aware that on some deals some lenders may require certain net worth requirements of you, and certain amounts of cash equivalents to belong to you to qualify as a borrower? 

You can do a second mortgage using DSCR to qualify and be able to close in an LLC however I have not found any HELOCs that allow closing in an entity. 

If a deal doesn’t qualify, our coach personally explains why and offers guidance.

It covers your down payment and in most cases the closing costs depending on what state you live in or County.Focus on 2-4 unit multifamily homes first if possible because you can use 75% of the rents per month of each door/unit as income to qualify. 

I'm fairly confident from reading online we don't qualify for an exemption, but I'm trying to assess actual closing costs to trying and reduce them All details:Bought the house 2.5 years ago for $980K (left on mortgage $753K), we have a clause for an assumable mortgage for me to take over (I can keep same rate).