The IRS doesn't consider the promissory note to be a "like-kind" asset to the real estate you're selling. 

This allows investors to defer taxes on their gains and potentially enhance their overall returns.1031 Exchanges:A 1031 Exchange, named after Section 1031 of the Internal Revenue Code, allows real estate investors to defer capital gains taxes on the sale of investment properties by reinvesting the proceeds into a like-kind property.

Even if you have to travel a couple of hours, you have a much better chance of finding someone.How to approach a mentorOnce you've found a likely candidate, it's time to reach out and ask.

This development is a critical wake-up call for investors, property owners, and market analysts alike, signaling a need for strategic adjustment and vigilant market watch.The Catalysts Behind the SurgeSeveral key factors have contributed to this surge in foreclosures.

This exemption is applicable if you've lived in the home for at least two of the five years immediately preceding the sale.For investment properties, a Section 1031 exchange, often called a "like-kind" exchange, allows the deferral of capital gains taxes if the proceeds from the sale are reinvested in a similar property.

I hear a wide ranges of responses from investors, inspectors, and experienced electrician's alike from "ticking time bomb" to "not a big deal", so i'm trying to decide what to do. 

It has been a very long winter, and for investors and real estate pros alike, the season is off to a brisk start. 

We've chosen not to do a formal due diligence including ARV projections, cost per sq ft of rehabs in that local market etc, local title company selection, title search etc.This file may not proceed as we are dedicating resources to those with a likely probability to close.But again, thanks for engaging.

Great minds think alike.

There is a likely chance he's telling the truth.