@Frank Trigoso, If you end up wanting to buy a flip with the proceeds then I would recommend forgoing the 1031.  

I am renting it to friends (I know this is a no no), basically because I had to move quickly and I can forgo the property manager since I trust them.

Keep in mind, there are deals where we forgo the inspection contingency all together.

@David Song that is awesome that you recently flipped a house in Modesto.

That sounds like your base case.As for going deeper, having the skills to rehab successfully is an incredibly important one.

Good for you for going out there and getting deals done.

I'm currently looking to just gain info and create a plan for going forward.

Example of the kind of answer I'm looking for (going to be terribly wrong, but bear with me for the sake of understanding): its s 75K loan, so they're going to sell it on the secodary market for 76K and make $1000, plus their $400 origination fee, so they made $1400.  

If you were planning to sell soon (or move in), that would be a good case for going the tile route.Also if you were expecting to rent it out to someone other than family, you'd want to pick whichever is comparable to the neighborhood.

I would read up on landlording some here on BP and in other books (I have a blog post up on Classics of Landlord Lit, mentioning some older books but all probably free in your library or for a song used)...