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I started my career as a commercial banker a long time ago, but have been an independent mortgage broker for nearly a decade.

Current comps rent for $2450+ and the mortgage + HOA is $2180. 

Originally posted by @Mike Cumbie:Question 1 is do they have an existing lease?

Then as soon as the 1031 is complete do a cash out refi, or a second mortgage or LOC on the property. 

Where you would put in the mortgage the seller is financing.

It was bought in 2004 and due to financial issues, I believe ~$197k is still owed on the mortgage.

The current owner is letting me take over the property as a tenant as long as I pay the water bill and the mortgage payment on it and whenever I decide I can purchase property for the balance of the mortgage  they are in no hurry for me to purchase the home as long as the mortgage is paid. 

LLCs are not corporations, unless they specifically elected to be one.Commissions and fees paid at closing to licensed realtors and mortgage brokersRepayments of loans1099s for electronic payments – yes or no?

Here's one of mine:I acquired a building towards the middle of the year with an existing commercial tenant.