For an auction.com purchase in Washington you have 2 options. 

Step 1: Ensure you can get financing (is it a cash purchase or will you need a loan). 

You might consider hard money for the initial purchase or going with a DSCR type lender if you find something that is more turnkey.Hey!

Self-proclaimed Section 8 guru's online claim to do the latter and then find Property Managers after they purchase the property in whatever state, but I don't know how real that is. 

What's the purchase price? 

Purchase price: $530,000 Cash invested: $100,000 My journey into short-term rentals began after years of investing in long-term properties, but it was a podcast that opened my eyes to the incredible potential returns of STRs.

The only additional thing that needs to happen is make sure appraiser makes note of why the value increase in as is vs previous purchase price.

So pretty good equity position within a year plus cash flowing well based on a $325k purchase price.

That ensures you don't spend it on other things and know exactly how much you have to spend on the next purchase.

Once the 1031 is complete the LLC dissolves and again the property is distributed to the former members, including the properties just purchased in the 1031 exchange (which each member probably picked out for themselves).This method solved the feared "held for investment" issue.