A lot of Chicago workers are moving to this area to escape IL taxes and politics.

The 1031 exchange rule to defer your tax is two part 1) reinvest all your proceeds and 2) purchase a property (or properties / DSTs/TICs) with an equal or greater market value.  

If not, what are property tax sales? 

@Chris Seveney The types of leads I'm targeting are absentee owners, vacant properties, pre-foreclosures, tax delinquencies, and probates. 

Keep in mind that you get to depreciate these appliances on your taxes.

Rentredi is a good software but BEWARE if you sign up for automated bill pay, they will charge your account if you do not cancel prior to the renewal and they will not refund your payment even if you request it the same day they pulled the payment from your account. 

As for income verification, I require the applicants two most recent paystubs and if self employed I need their most recent tax return.

I truly think I only need 4 more houses to hit my goal and then shift from buying to paying them off.I am not sure if I am thinking about this the right way and I am sure there are things I am not thinking about but below are my thoughts:Pros - I can purchase the houses I need to hit my goal faster - With getting homes fasters the depreciation, tax benefits, amortization, appreciation, rent increases all start sooner - Home prices on average should be lower now then if I buy in 4-5 years - I can take better advantage of leverageCons - I have more risk until I pay the properties off - Less upfront cashflow - Longer timeframe to acquire the properties to reach my goalIf anyone has any opinions or advice I'd love to hear it.

I recommend making the wiring replacement a contingency - and for it to be completed prior to closing.

I’m sure you won’t be verbally assaulted about how greedy you are Basically they were gifted $60-$120k tax free.