Also, trying to simplify my life and it seems like the 1031 would add some degree of complication in the future.I've been hammered by taxes for the last server years and thinking of retiring from my regular job just to get in a lower bracket - then manage all my investments more efficiently.

That plan has included simplifying my financial situation to the point that I am no longer dependent on a large salary and the risk of making the jump into real estate is more tolerable. 

This is very simplified because there are things like taxes and insurance ect that you would have to factor in.

You have to simplify to make things a little easier. 

Yes, this is a bit simplified...it's meant to complement all the good advice above.

Timeline InfographicHere is a link to a detailed before and after micro-site on the house: Fred, the flip that almost flopped.Here is a link to a simplified Net Profit Calculation:Profit Calculation, Frederick Ave.Let me know if you have similar stories or questions!

That article has some good points but it’s overly simplified.

Depreciation, carry over losses, personal status -did you work enough to be classified as a professional, income limits for Ira contributions, passive and earned income, deductions, etc. the tax law was not really simplified much with the last change.I surely don’t like paying for erroneous advice—as @Matt Hoyt suggested look for another CPA

But, then the lender can call the loan.Why isn't there a simplified way to get a property under the ownership of an LLC?

These folks should be able to guide you away from making an emotional decision and also be able to find something sooner to keep that rental property snowball growing.I could probably write pages on each of your questions but I tried to keep it as simplified and specific as possible.