Recognizing, of course, that interest on any payments received will be taxable.So, in this situation, what happens if the seller defaults?

And she knows who I am because I am a local pastor and she recognizes me from my posts on Facebook that most our town sees.

And if interest rates are too high 15 years from now and a refinance or another 1031 isn't feasible, then you will have to sell and recognize the gain. 

Some I've recognized from other sources so not sure about their availability. 

Sounds like you may have found a Gem among the rubble. one point of Info: In Texas most Title Companies will not recognize a "Quit Claim" Deed, except on occasion from one relative to another. 

I listened to his long winded explanations of what was going on (he lives alone) and told him I recognized I'm hounding him as we talked 1-2 times a week but I hope he understood which he did. 

A home inspector  is too low on food chain , they wouldnt be recognized by the building inspectors You would need a engineer to inspect and certify what was done .  

On the flip side, we got some lower offers from investors who were just not savvy enough to see to potential in the property, or did not know how to properly recognize/analyze a deal when they saw it.  

I apologize that I have so many newbie questions, but I recognized that here would be the best place to ask.Thank you so much for your help!

I apologize that I have so many newbie questions, but I recognized that here would be the best place to ask.Thank you so much for your help!