There are specific rules for 1031 exchanges including:The replacement property must be identified within 45 days of transferring the relinquished property.The replacement property must be received within 180 days after the transfer of the relinquished property or the due date of the taxpayer's tax return, whichever is earlier.Special rules apply for exchanges between related parties (defined in § 267(b) or 707(b)(1)).Real property located in the United States and real property located outside the United States are not considered property of like kind.Cost Segregation StudiesA Cost Segregation study is an IRS approved federal income tax tool that increases near term cash flow by utilizing shorter recovery periods for depreciation to accelerate return on investment.

I know they're selling some new construction quads in the Mandarin area which are in a pretty solid B/B+ area and I think they have some quads on the westside too, probably more like a C+ area but I haven't been past the property in 2+ years so it could've changed.

Thanks @Daria B. 

Valuation, B.

@Conrado Balicusto Recommend you first figure out the property Class you want to invest in, then figure out the corresponding location to invest in.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.So, when investing, investors should research the different property Class submarkets.

The other I co-own with a good friend - I'll call this property B.

If you want to take a vacation, be out sick for an extended period, or even just move on, you'll need to "hire" and train a replacement.In terms of "The Cashflow Quadrant" (E - S - B - I), you're in the bottom-left corner: you're self-employed.You would need to move to the top-right corner and become a business owner: the business needs to run even when you're out sick, on vacation, "on family leave", etc.If you're new to the concept, "The Cashflow Quadrant" looks like this:E | B-----S | I"E" is you're an employee in someone else's business. 

In Chicago class A/B neighborhoods you can still get .8% rent to purchase ratios.

We do B-C class rentals and are putting LVP everywhere.

I agree with @Autumn Cain 19121 has good potential as well but you will most likely want to be south of Cecil B.