Don’t be one of them.There were different ways that potential buyers wasted my time.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

Sometimes it is very difficult to reconstruct your depreciation schedule without the help of your prior accountant but still potentially possible.

What are the key risks or potential pitfalls in this strategy?

If a conventional loan is only available in your personal names, transferring the lot from the LLC to yourselves before the exchange could trigger IRS scrutiny and potentially invalidate the 1031 exchange due to the same taxpayer rule.

I'm not a fan of mega back door roth contributions, unless potentially if you're in the 22% tax bracket or lower.

At this point I can't fathom spending close to $100k in repairs and potentially being right back where I started.

I've got about 7k in an emergency savings account.I am in the process of getting several mortgage pre-approvals to compare fees and get an idea of how much home I can realistically afford.I have yet to find a buyer's agent/investor to help me identify potential homes but will start on that shortly.Ideally, I would like to buy a single family home.

There is a lot you need to learn in order to make this strategy work and a lot of ways you can potentially stumble.