Also the BRRR technique has fierce competition in the Lehigh Valley. 

Not rocket science but such a powerful technique!

TIAWaterfallUpon sale, proceeds will be distributed in order as follows.

The borrower is billed for the amount that is actually borrowed plus any interest due.right of first refusalA provision in an agreement that requires the owner of a property to give another party the first opportunity to purchase or lease the property before he or she offers it for sale or lease to others.right of ingress or egressThe right to enter or leave designated premises.right of survivorshipIn joint tenancy, the right of survivors to acquire the interest of a deceased joint tenant.sale-leasebackA technique in which a seller deeds property to a buyer for a consideration, and the buyer simultaneously leases the property back to the seller.second mortgageA mortgage that has a lien position subordinate to the first mortgage.secondary marketThe buying and selling of existing mortgages, usually as part of a "pool" of mortgages.secured loanA loan that is backed by collateral.securityThe property that will be pledged as collateral for a loan.seller carry-backAn agreement in which the owner of a property provides financing, often in combination with an assumable mortgage.servicerAn organization that collects principal and interest payments from borrowers and manages borrowers' escrow accounts.

This is just the latest in an arduous process, to find the deal under market value on the land, rezone it to multifamily district (long and costly process), permit a six suite rental (difficult with many technical fire code and structural engineering challenges), build the units (using all my experience in home building and every possible favour and technique learned over the years to project manage), get financing to finish construction (from a private lender after the bank lenders totally dried up on this type of financing), and pre lease the units while under construction to quality tenants.  

I don't recall what my prior yearly tax amount was, but for 2017 I paid a little under $500 and got an escrow overage distribution of $556.

Those who DCA - dollar cost average (and most do into their 401k mutual funds) won't get clobbered as they have been averaging in and over time this will smooth out all the volatility.Most people nearing retirement should be gradually shifting out of equities into something more of a fixed income flavor.Listen, I prefer RE over the stock market, however I have constructed over many years a fantastic stock portfolio of great companies that throws off income (dividends and distributions that grow annually) on a monthly, and quarterly basis that I will utilize to supplement my passive income in retirement...Days like yesterday (and today) are more like buy days, as if you look around you can find great value in these sell off days.

When the 1031 exchange was done or when it was distributed to qualify for the 121?

You can clearly spell out, in the articles, who owns what share of the company, how proceeds from sales/revenue are distributed, and it eliminates the potential for someone trying to "switch the percentages" down the road so to speak, because it is a formal legal structure. 

I am planning to use the BRRRR technique on the property.