It was off market, I paid a local bird dog $20k for helping to get it to the close and even including that $20k at market rate it met the 1% rule.Today my underwriting would not have a 1% ratio with 80% LTV as positive cash flow in class C.  

If you plan to live in an RV, renting out both homes could reduce living expenses, but make sure you’re set up for remote property management, possibly with a property manager.

If you truly are limited on time or can't make investing a priority, you should look for smaller projects as others have recommended.1) General Contractors are available to run your project, but most are too expensive to make ROI work on smaller projects. 2) A great PMC can act as a Project Coordinator for rehabs, but many won't be transparent about the costs, so you know what you are paying for.

Our recent fund was a preferred return plus a split on profit after expenses.

From a tax perspective, you'll want to take what you paid for the property plus calculate the improvements you made to the property during your time of ownership.

You should work with a Qualified Intermediary that is going to focus on administering the 1031 Exchange and not trying to get paid on the back end. 

Oversimplifying it just a bit, the investor profits from:- a non-refundable option paid by the tenant-buyer which gives them the right to purchase the property within their option period- the spread between the rent paid by the investor to the property owner and the rent paid to the investor by the tenant-buyer over the life of the option- the spread between the price ultimately paid by the investor when they exercise their option with the owner and the price ultimately paid by the tenant-buyer when they exercise their option with the investorClear as mud?

Just curious, how do you automate tracking expenses?  

Because buying a house in excellent condition and then totally changing the layout can be expensive, especially if it's involving load supporting walls. 

It is good to know that there is a way to have rental property and don't have to worry too much about how the bills are going to get paid.