By this time my wife and I noticed that the economic conditions had changed and the CMAs were a lot higher then we had anticipated.

It appears that BP has an extraordinary group backing, and Im anticipating both learn and contribute.ThanksChad Kagen

Probably looking for a low entry barrier property at first to mitigate some of the risk we take on for our first property as we anticipate making some mistakes as we learn and grow as investors.Looking forward to getting to know some of you in the near future!

You will find that either your anticipated tax situation will likely not require as much help from a depreciation write off, or that your exposure now is not so bad that you can absorb the 140K or so in tax from a sale foregoing the 1031.If paying the tax now is too painful and you anticipate needing more depreciation write off in the future then 1031 and use the gain to purchase more property than you sold and take both the remaining 12 or so years on your current property basis and the additional depreciation you gain through purchasing up.

You're taking on more risk with lower income properties so your anticipated return should be a higher percentage than if you were holding a home in SW Cape Coral.That said, are you able to be 100% business?

Due to the rent of $5700 you are expecting $1710 in monthly expenses, but an exact carbon copy house in the Midwest will only anticipate $500 for monthly expenses.

Lastly having the borrower file bankruptcy can put a dent in the anticipated schedule if foreclosure is imminent but can be worked-around. 

thanks a lot for the warm welcome. i anticipate a good and wonderful time together. surely i will have a lot of questions to ask, but for now gracias !

But anticipating the 26 hrs on planes I booked it all 1st class. 

Most banks either sell the loans to Fannie/Freedie, or adhere to their guidelines, which for 2-4 unit buildings, its max 75%LTV for purchase, max 70%LTV for cash out.So with your anticipated value of $275k, your max loan would be $206k (purchase) or $192.5k (cash out).