Biggest gains are if you do it out of your IRAs.

It was held by the previous owner for a very long time, so I wouldn't be surprised if some basic facts about the house are incorrect.I was making an offer on a house a couple years ago and discovered that the owner was paying taxes on an additional house that was on the neighbors lot and didn't know it!

There are a lot of market-specific issues you'll have to grapple with and also, there are plenty of landmines in MFR on its own in CT that you'll have to be ready for, in addition to the nuances and complexities of developing something like this.

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

What do you mean you are paying $400 additional dollars more than what you are paying now?

All this in addition to 6 other lease violations... 

We’re fortunate to have an above-average income and live well below our means.This summer, we’ll be moving to Detroit (PCSing in August), and we’ve saved about $120,000 to invest in addition to having funds set aside for the home we’ll purchase in Detroit.The reason I’m posting is that I’m struggling to decide how to best allocate the $120k.

The hard money 10% plus additional thousands in closing costs was too much to swallow. 

From a tax standpoint, there are additional disclosures to make when selling a business asset for less than fair market value to a related third party. 

My last note would be to try to buy 3 or less replacement properties, it makes the exchange much easier and you avoid some additional rules.