You are a high w2 earner, The house is worth 110k today, you are buying from your grandma for 60k in exchange for free rent for life, upside ARV of 200k.The costs of owning the house will help provide tax relief on your high w2 earnings, you are buying a great chunk of equity that will pay off in the future, and you and your grandma are doing each other solids. 

Have you heard of Exchangers? 

Or we can just exchange contact info.

I personally like one sponsor who has been through multiple real estate cycles without losing any investor money, puts very large amounts of skin in the game, is conservatively leveraged and has a very good 1031 exchange program.

I didn't realize, one has to hold for a year to do a 1031 exchange. 

A better option would be to partner with someone who can bring the capital needed in exchange for you contributing your time, labor/effort, and expertise.

A 1031 exchange is NOT available for owner occupied property so that’s the bad news.The good news is for owner occupied primary residences, for married couples, the first $500,000 of pain is tax free.No need to worry about a 1031, live in the house, sell it, use the $500,000 exclusion and you pay KP tax on whatever profit may exist,2.

Getting started, acquiring more, 1031, or unloading?

Income rights being given up is defined upfront, and the property owner decides how much income they’re willing to share in exchange for the funds they receive. 

The deal was successful and later on we sold the property at a significant profit and 1031 to something larger.