If the houses are in decent shape and could get traditional financing do not sell seller finance.

I will get a lot of fun out of it, plus make money now and off their future efforts which I will not be involved with, other than as a Passive recipient.Cost- if you did traditional logging and sawmilling operations, you would need about $3,000,000 of equipment on the cheap to start out. 

I know the deferment period for capital gains is almost up, but what are the pros and Cons of an OZF vs a traditional 1031?

You need to carry a special type of health insurance, not the traditional kind.

Quote from @Chris Seveney: @Francisco AvancenaThere are specific lenders who will do land dealsBut of course not as many as traditional real estate.The key will be skin in the game - typically for land because it is less liquid than a home the lender will want to have a lower ltv on the deal I fund land flippers currently in  CO FLA WA ID MT NV AZ OR TX SC GA VA  one thing about land though LTV is lower and RATES are NOT the same as typical HML rates are higher for raw land but its a specialty niche and a business that I grew up in..

In addition, high cost RE markets traditional have greater rent growth than low cost RE markets.  

If you are buying a primary then you will not necessarily be able to utilize the LLC for this property.

One is a former primary (we refinanced once while still owner-occupied then transferred into an LLC when we moved out and began renting it, but didn’t have any issues with that one for about 5 years after we moved out).

I of course want to start small.My dilemma is: I was approved through work to get a forgivable $12,500 down payment assistance on a "primary home" near where I work.

I have to decide if im going to use a new injection of capital from the sale of my primary residence to:1) Hold in treasury bills at 4.5 percent until I find another property to purchase2) Pay off one of two existing mortgages, one at 3.75 percent and another at 4.5 percent3) Just find something to buy that beats either of those percentages on paper and be done with it4) Possibly loan out some hard money/broker it to a friend to allocateIts never an easy decision, but its a good problem to have.