It was hard to say goodbye to my babies I started this journey back in 2006 (18 years ago) The truly sobering thing about this event is that I was able to achieve these same financial results in ONE year with my first larger commercial deal; and replace my wife's income with that deal.  

I have called out a couple of damages like smoke damage from the ovens, key replacement charges etc. 

Then I buy a 1031 replacement property for $1 million but get a mortgage of $700k.

I have been buying tax liens for about 15 years and have quit my day job as an electrical engineer due to the Tax deed rental houses I now have.It takes work.

Being able to see how renters take care of their home is a small foreshadow into the future of your unit, and what may or may not need to be replaced.

Let the tenant know they remain responsible until a replacement tenant is found.

So, by trying to get a tenant out and replace them with another tenant you have a 50% chance they will be the same or worse, plus the expense, lost rent due to vacancy, plus any tenant placement costs with your PM.

This Duplex was built in the 80s and has good bones but the HVAC systems will need to be replaced soon and there has been no major updates that have been done but this is one of the reasons why i bought it. i wanted to get the experience of being a landlord and renovating  and managing multiple properties. but i have a few questions pertaining to the duplex house hack.

:(A 1031 exchange is also called a "like-kind exchange" in that you need to replace the INVESTMENT you are selling with another INVESTMENT similar in type.

The new winning bid establishes the loss because that is the price it would have cost to replace that exact deal!