The building was built in 1965 and was remodeled in 2011.Seller is asking $300,0004 units - 900sq ft each - currently rented at $700 per unit - Tenants pay all utilities except water/sewer which averages $250/month.Insurance is $1,600/year and taxes are $2,600.It makes sense as far as I can tell.

Yes he has to buy the spouse out, either through sell, HELOC, or refinance and then the question being with the equity how would you best utilize that for starting into real estate investing? 

Here’s a quick look at the top five benefits of utilizing a 1031 exchange.1.

Purchase price: $98,000 Cash invested: $15,000 I purchased a duplex in Milwaukee as my first rental property, utilizing a conventional loan with an 8% fixed interest rate.

What strategy are you planning to utilize?

I make $3000 renting it out, the mortgage is $1500 plus the utilities so I am profiting $1000/mo.

Tenant pays all utilities but garbage.

Hi Sherrie, There may be a few routes for you to best utilize the equity in your current home. 

In terms of debts, I agree with @JoeHammel - A title company is the best resource to check on all liens which could be contractor, IRS, bankruptcy, local utility bills or property tax, child support, etc. 

Can you please shares insights on the cost structures with respect to the various taxes levied and cost to run (cleaning, handyman, utilities etc).