I also plan to either keep it and have the next owner rent from us or do a 1031 exchange, so time will tell!

Hey Edward, can I ask you a question about 1031 exchange, vesting title, etc...

I have purchased 3 properties through them during a 1031 exchange.

Still, even breakeven with nothing down is quite an achievement IF you’re NOT paying an over market price in exchange for the owner financing of what would normally be your down payment.  

The biggest advice I can give you is to figure out your own goals, and be specific, so I want to invest in multi family for cash flow for instance is too broad, is your goal to have an investment or a place you enjoy living, those are often in conflict as most multi family tends not to be in the most desirable parts of towns, are you willing to high cash flow in exchange for alot more effort, risk and limited appreciation, or do you want a more stable property with potentially less or even zero cash flow, if it’s a primary residence, are you going to live there long enough to make it more sense than renting, the breakeven period in a place like Baltimore might be 3-5 years.

Or deals that had fallen through and the seller was willing to take 30k less in exchange for a no contingency offer.

If I sell it in 1031 exchange, can I then get another rental, rent it out for 2 year and then make it my primary residence i.e. homestead and that way avoid any depreciation recapture and capital gains?

Just wondering if that is the only way to sell a property and not have to pay any depreciation recapture. Thanks in advance.

I am selling a property in Virginia and want to know if I should set up a 1031 exchange.

And everyone will need to sell their house at some point like in my case, not 1031 exchange forever.