I don't believe you would properly replace the debt in this situation.

Take ownership of your mistake and learn to do the proper due diligence recommended above😊

Take ownership of your mistake and learn to do the proper due diligence recommended above😊

The reason is that one wants to be able to properly avail themselves to the laws and protection of the corresponding state where the property lies.

Learn the ins and outs of fit and finish, proper preparation, proper installation, rough in locations & MEP details... thinking 10 steps ahead on everything.

I have a few brand new homes popping out of the ground in Canby Oregon.. msut of Portland proper is very old the new builds tend to be skinnies or expensive . 

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Without taking a proper tour of the cabin and only driving by and seeing pictures of the inside.

When you have studied your market properly you should be able to provide the answer of if single family or residential multifamily is better for cash flow. 1% rule was for a time when almost all deals were decent as a way to rule out the lessor deals and concentrate on the best deals.

It’s a good idea to work with a qualified intermediary and a tax advisor to ensure everything is structured properly and you’re clear on any tax implications.