Of course, nobody wants to be the test case, but I've never heard of IRS treating money from a loan as income, ever.I think you would be better off with a long closing date on the purchase and sell your exchange property fast so you can do a conventional 1031, receive conventional financing with one set of start up fees/costs, etc.

@Joseph Pelensky It does not appear you will have the required closing costs needed to purchase a $700K building through a refinance or sale of your $285K duplex.

When you buy the property to fix&flip, you always add Realtor fee as part of your closing cost to calculate the MAO.

I recommend you evaluate deals close to home and be ready to buy when you find a good one. 

Furthermore, these are not the types of loans that get re-negotiated, especially at closing. 4.

That’s not a risk adjusted return close to what it was.)

I have an agent, but he hasn't closed on a multifamily yet.

I have a question regarding double closing deals in NJ.

My question: Is there away around this so we can close on this property before the year end.  

Closing sooner means you’d officially own the property earlier, allowing you to give the 28-day notice to tenants right after closing.