I’m declaring here and now that I’ll be going into real estate investing as soon as possible, (not full time, will be continuing college education and career in finance).

I’m declaring here and now that I’ll be going into real estate investing as soon as possible, (not full time, will be continuing college education and career in finance).

#hustle muscle 💪 

Then approach an attorney to do a condo declaration - a legal document to convert the building to condos. 

It's my understanding that if your current $1.2M single family home is an investment property, not your personal residence, then it's eligible for a 1031 exchange for any real estate investment -- residential, commercial, even a vacant lot that you plan on developing -- as long as you take the proper steps like using qualified intermediary, declaring the properties and closing on them within the required time frame. 

My CPA surprised me by saying that 1031 exchange is extremely difficult to pull off, not because of things like qualified intermediaries or the super strict rules about declaring the properties that you're looking at purchasing, or the timeline in which you must purchase said property, but because you have to trade properties in the exchange.

But, I cannot figure out how to declare the transfer, which form to use, etc.

For the original borrower the negatives are that they are still on the mortgage, if you miss payments it is a negative hit to their credit, and it may stop them from additional borrowing for a new home.For the buyer, the negatives are you need to make sure that the original borrower FULLY understands the process and doesn't try to come back and sue you, and it there are unrecorded debt against the property that could wipe out any profit, and the borrower could declare bankruptcy, or have a future financial problems. 

During the first week of listing, a developer started to build a new community, planning to leave 100ft btw our house and the new builds.Our real estate agent immediately declared that our asking price (568,000) is no longer justified and that it would be hard to find someone willing to buy it.

You can possibly learn the ropes in exchange for you using your hustle muscle.