I did get suckered into the narrative of those who say to try this method and am now realizing the sour end of the situation looking to recover in the future for the better.

Here are take aways as to how I see “wholesale” transactions (flipping properties) in the future 1.

The PO Box mainly won't get used but in future I plan to use the address with any tenents.

We'll ensure your access is promptly removed, and we genuinely wish you success in your future endeavors.

Additionally, for each existing and future Illinois investment property, I intend to:- Deed each property into separate Land Trusts.- Establish an Illinois LLC that will be taxed and will own the interests in the Land Trusts for my Illinois properties.- Set up a new management entity taxed as a C corporation, which can be fully owned by my revocable living trust.

For example, I have time, so I can buy a property that cash flows low because I don't need the money today and in 30 years (retirement age), appreciation on rents and loan buydown will fund my future lifestyle.If your goal is cashflow, then you are likely looking at markets that don't appreciate as well.

This also allows you to be involved and gain experience for the future. 

Going forward, what is the best way to structure the partnership so we can 1031 exchange in the future?

That sets the tone for learning about the future.All the advice here (and there are great insights) will not substitute going out and getting a deal.if you are serious about a future in RE, you will learn from your mistakes in your first deal and you will use those mistakes to help you in your second deal and so forth.Most importantly you will if you enjoy the journey of RE investing.

Oakland scares me, considering renting out my home if I decide to leave the USA for a lower cost of living country in the future, although I know a few people who bought in 2008 renting their homes out in Oakland and doing well.