Timing is key—catch a hot market or a great 1031 exchange opportunity.

Also, the fees plus being a forced buyer with a deadline on a 1031 exchange may negate the small tax savings.

While flips don’t usually qualify for 1031 exchanges, holding a property as a rental first might open this option.

Some will want to be on your team, and some will want to split profits with you in exchange for funding your deals. 

Do we need to go through the whole condemnation process to qualify the transaction for a 1033 exchange?

@Kezia Edmonson, it's all about the valuations as @Jon Taylor mentioned.In your 1031 exchange you must purchase at least as much investment property as you sold in order to defer all tax. 

I would reinvest in a another property and use a 1031 exchange to detour taxes.   

I’m still learning the ropes of property management, so I really appreciate the opportunity to exchange ideas.At our property, we have a structured screening policy influenced by the Federal Fair Housing Act since our location falls under its scope.

You are a high w2 earner, The house is worth 110k today, you are buying from your grandma for 60k in exchange for free rent for life, upside ARV of 200k.The costs of owning the house will help provide tax relief on your high w2 earnings, you are buying a great chunk of equity that will pay off in the future, and you and your grandma are doing each other solids. 

@Jeff Shaver There is no specific statutory time frame before you can do a cash out refi after completing a 1031 exchange.