On a typical project, here are the contractors I'll probably use:- Demo- Roofer- Painter- Carpenter- Plumber- Electrician- HVAC- Window Company- Tile Guy- Carpet Guy- Hardwood Guy- Cabinets/Countertops Company- Termite Inspection- Landscaping- Garage Door Company- House CleanerIn addition, on many projects I'll also use:- Drywall Guys- Insulation- Surveyor- Structural Engineer- Inspectors- Concrete Company- Driveway/Paving Company- Grading- Tree Trimming- Shower Glass CompanyFor big projects, new construction:- Architect- Civil Engineer- Foundation- Asbestos Removal- Sediment Control- Excavation, Dirt Hauling- Interior Sprinklers- Stone WorkEach of those contractors will typically get between 1-4 draws, depending on the scope of the work they have for the project.Then there are materials and other non-labor costs:- Permits (0-3 transactions per project)- Porta Pottys (0-3 transactions per project)- Home Depot Materials (3-5 transactions per project)- Dumpsters (1-3 transactions per project)- Paint Purchase- Cabinets/Countertops Purchase (2-4 transactions per project)- Flooring Material Purchase (1-2 transactions per project)- Specialty Material Suppliers (0-10 transactions per project)- Utility/Service Installation (0-5 transactions per project)- Private Inspections (0-5 transactions per project)- Insulation/Airtightness Tests- AppliancesOn top of that, I will potentially write several checks to:- Title Company- Property Inspector- Appraiser- General Contractor or Project Manager- Interest Payments- Utility Payments- Tax PaymentsOn top of that, I have my general business expenses:- Accounting- Legal- Interest Payments- Tax Payments- Brokerage Fees- E&O Fees- MLS Fees- Overhead/Office (Supplies, Equipment, Subscriptions, Software, etc)- Telephone/Fax/Internet- Income from Property SalesAll of these easily add up to a couple hundred transactions on a large project or new build, meaning many dozen per month. 

It has income statement, schedule c calculation, quarterly tax payment estimates, and expense calculations for the income statement.

Additional info:primary 1031 exchange rules and requirements include: 1) same taxpayer: the taxpayer who sells is the taxpayer who buys, 2) property identification within 45 calendar days post closing of the first property, 3) purchase of the replacement property within 180 calendar days, 4) trading up: the price of the replacement property is equal to or greater than the old or relinquished property, 5) hold time supports the intent to hold for investment, and 6) related party transaction regulations. 

The tax is meant to level the playing field so we do not have tax exempt entities driving taxpaying businesses right out of business.A flip is a transaction where the real property is purchased with the intent of being resold.  

Gain will be apportioned to the taxpayers for the property.  

The key is that each tax payer purchase at least as much investment real estate as they sell.However you configure the sales (and each sale is a separate distinct exchange) does not matter as long as you take title to at least as much real estate as you sold in order to defer all tax.  

@Charlie McClskie, The IRS does not like to see a taxpayer change anytime immediately prior to a sale.  

Depending on how much income you're making from your rental you might want to think about making estimated payments to the IRS too to avoid underpayment penalties.You'll want to keep good records and find an accountant familiar with 179 expense, depreciation recapture, and timing of your property tax payments.

They are the only game in town and will protect each other to protect their power and free ride off the taxpayers.

(By the way you never own anything,even after the mortgage or car payment is complete there is always tax payments and maintenance).