You'll still need enough income and DTI ratio to buy another property in a couple years even with this rental income.

How many people hours at what pay, plus cost of buying lists, plus skip tracing, plus phone/texting charges, plus office overhead and so on and so on.Noobs think texting is cheap to free ;-) 

Even if you take the $250,000 the realtor mentioned it would sell for as your basis that would mean you're looking at an $80k gain: 380,000 - (250,000 + 50,000 improvements) = 80,000Since you want to buy a nicer home for your mom, a 1031 exchange may not be applicable if the new property is intended for personal use, as 1031 exchanges are for investment or business properties only.

@Joshua ParsonsI've been dipping my toes into the whole "buy a house for $1" thing that Italy is doing.

And one simple question...Are you going to buy more investment properties, or invest in any way, in the future?

Can you share some additional numbers about the investment property you're looking to buy?

Investment Info:Single-family residence buy & hold investment.

Selling one and buying several is fine. 

I actually got caught up in the creative finance bubble of trying to lock up properties way over their value just because it had creative terms not realizing that if you were to buy a property at 120% of its value you will never be able to refi or sell without paying out of pocket.

While I am normally in the do-not-sell camp, in this case it might just sell and buy at the new location.