Even though I think it technically says it's for Investors with and without experience...it definitely felt like it was catered towards Investors looking to get their business off the ground.

Or should I just forget about even trying to evicting them, especially with kids I heard it can get messy (even though Paterson is said to be "sort-of" easy for eviction) and back-out of the deal, especially if the ceiling mess looks way worse than we thought (even though that was already considered a total gut-job) and since we put no deposit down, we technically have no loss (besides some damaged relationships w/ the broker)?

Hmmm well the intent of a 1031 has to be into another investment property...I'd worry this may fall more into a gray area if its being entered into, already technically lined up to be sold but I could be wrong. 

If they didn't give you a specific time window, than in theory they can walk away at any time since technically you've reopened negotiations. 

I have also read about buying lower priced $50k properties all cash but that seems to lose the value of leverage and thus give smaller cash flows.I've been reading a lot about HELOCs and from advice I'm reading, I gather to really only use a HELOC as a quick temporary purchase vehicle since technically the lender could call the balance due at anytime. 

LOL.)Another question that comes to mind related to all this is if we can claim any sort of tax write off for the vacancy if it wasn't technically a rental home during that period? 

Can I deduct this trip as a business expense if i do not technically own a business?

I'm sorry for using the wrong technical term.

Because you would technically be adversaries on this deal then the SEC would not be involved. 

If in 3-5 years I decide to move out of the condo and rent it out, will I have to re-finance the mortgage since now the condo will technically not be my primary residence?