A 1031 exchange doesn’t apply, but funding through a self-directed IRA can defer taxes, though profits from debt financing may trigger UBIT.To reduce taxes, consider forming an LLC for better expense deductions, offsetting gains with investment losses, or holding the property for 12+ months to qualify for lower long-term capital gains rates.This post does not create a CPA-Client relationship.

The bigger pockets calculators definitely help a lot.

Always smart to see the bigger picture and future cash flow potential!

That advice led us to Bigger Pockets.

This is obviously much better than $1,400 per month.On top of that, you will now get 2x the depreciation write-off so your taxes should go down.On top of that, you will now get 2x the appreciation when real estate price go up.On top of that, your tenants are helping you pay down the loan, initially at about $100/mo for both properties, which gradually gets better and better.On top of that, you now have more units so if one or two goes vacant, you have more renters covering the losses of the vacant units.If you want to keep these properties, I would do a cash-out refi and go buy more rental real estate.

Not enough information here to answer this question accurately.Is the home a total loss? 

I walked to the house and met a man who says he was cleaning out due to the loss of their mother in some few weeks back.The guy told me she is  left with 12 years mortgage on the property to pay the bank.

This platform on Bigger Pockets is a great source of information where you can ask questions and also learn from other investor questions.

Note this election MUST be made in the year of the dispositions.2) 1031 - There's usually no tax on gains or losses when swapping property for similar property.

Who else would have the knowledge to lead others than a 33 year old former football player; who wrote a book that is being hocked by Bigger Pockets.Maybe you can get Nails (Lenny Dykstra) to write a book that BP can sponsor?