Therefore, you don't need to use a 1031 exchange; you can take as long as you wish to find and then buy another property.The only exception is if there is debt on a property, in which case there will be some UBIT (Unrelated Business Income Tax) implications.

If it's an easy cosmetic deal I wouldn't sweat over it too much as long as major items look good - plumbing, electrical, foundation, roof, HVAC, zoning, etc.This is why for first timers it's a lot easier to go with on-market or off-market sourced with an agent than wholesalers.

What are you looking to achieve in the short, mid, long term?

Hey @Tori Rhodes - As a builder myself here in Chicago that is a question I hear often.Before looking into your loan options, I'd look long and hard at the cost of land and construction in your Grand Rapids area. 

Feel free to reach out if you have any questions.The Short- Term Rental Loophole ExplainedThe Short- Term Rental Loophole Explained

It is in good condition and centrally located to shopping and the base so I'm surprise that it has been sitting this long. 

@Emily Shin landlord experience is invaluable for a career in rental real estate.It's not something you may want to do long term, but the experience can help you select and manage PMCs.

This often leads to confusion because the term "trade or business" is mentioned, leading some to mistakenly believe that the entire business can be exchanged.

I did none of the work, and hopefully won't have to for a long time. 

Read this first: https://en.wikipedia.org/wiki/...Willful violation of the TCPA can result in fines of $1,500 PER CALL - and there's a long line of lawyers lined up, waiting to sue you, like:https://www.schmidtandclark.co...https://www.classlawgroup.com/...https://www.classaction.com/tc...And lots more.Maybe re-think the cold calling and SMS approach.