We have renters there now and they cover the mortgage with a bit of cash flow ($100/month), but the property is going to need some more major updates (windows, roof, HVAC, siding) within the next 5 years as they are starting to be at the end of their useful lives.We would like to pay off our primary residence as quickly as possible to “free us” from mortgage payments on our primary residence.My questions are below:1.

Just waiting to close now and then I’ll get started on a renovation.

I also have a hard money loan that has had a "freeze" on payments that were supposed to start a year ago. 

I'll start with the largest learning curve. 

It is NOT required by law to sign a buyer's agreement before you start touring homes.

I've been going about as long as you have and things are starting to come together and happen for me here in Sacramento.

.--- Tenants can still lose their keys outside their home:(

Were you able to get started with your multifamily investing?

Not to say this isn't without risk, but you will certainly start to learn a thing or two. 

So all of the gain and depreciation recapture are initially still tax deferred.However, like Joe said, the down side is later when sold  you lose the 1031 option. the client will pay tax on all gain and depreciation recaptured from before the 1031 also.