And then any thing associated with your 1/3 would be accounted for separately and be excluded from any interest regarding the 1031 

Also know as, I want to exclude over half the potential renters. 

This is not quite accurate: Cap rate completely excludes renovation costs and capital expenditures, so it cannot tell me my actual return on investment.Cap rate is most helpful when seen as a measure of a submarket, rather than having meaning for a single property.

I guess you chose to exclude the New York's 23rd Congressional District.

The cost of each LLC would be approximately $60 to set up excluding getting an operating agreement/articles of organization written.

Second it doesnt cost thousands to get or keep , its $500 every 2 years plus your liability insurance . you only need toe MHIC to do work for homeowners , commercial work is excluded from MHIC rules .

If it's your home, and it's vacant, then theft is indeed an excluded cause of loss, specifically because theft is more likely in a vacant home.

We expect to be cash flowing nicely this year (excluding closing costs).Lessons Learned:- Like a previous podcast guest mentioned.

I also exclude corps. 

Hopefully the lender has done their job and looked over the liabilities closely and excluded everything they could.