Challenges?

Hi @Jacob Dalton,Thanks for sharing your situation—it’s clear you’ve put a lot of thought into this decision, and I can understand why you’re concerned given the challenges of being a landlord in Cook County.Screening tenants is definitely a key step, but I agree it’s not foolproof.

I think the 0% origination will be challenge.

You most likely would not get access to them until disposition of the entire property/partnership interest of not handled correctly.

The key is to work with a reputable QI who is experienced in handling 1031 exchanges.

@Shawn Questa I agree with you that there could be some opportunity here, but personally, with that little equity in the property, I'd wait for the pre-foreclosure process to start and  perhaps you can do a short sale (though I don't know the details on how that's handled in TX).

But I think it has more to do with how different individuals handle what is technically an invasion of their space and privacy.

I wholeheartedly believe in the end you will come out ahead, but you must be prepared to weather potential storms with the strain of limited to no cash flow, which can be challenging. 

If you go over budget or bit off more than you are equipped to handle what do you doManaging the timeline - So you've purchased a home that seems like a valid investment opportunity.

Any ideas on how to handle this?