I’ve heard so many inspiring stories about members who started with nothing and now own multiple properties by taking a chance.

No children or wife.

@Eric SmithGenerally, if the taxpayer sells the relinquished property to an unrelated party, the taxpayer generally cannot acquire replacement property from a related party unless:The related party is also participating in a 1031 exchange.The related party pays more in tax on the sale to the taxpayer than the taxpayer is deferring in the exchange (this scenario is rare).Let’s look who is considered a related party: Spouse, children, grandchildren, parents, and siblings.Corporations and shareholders owning more than 50%.Commonly controlled corporations.Partnerships and partners with more than 50% interest.Trustees, grantors, and trust beneficiaries.Non-Related Parties:In-laws.Aunts, uncles, nephews, nieces.Friends.Domestic partners.Entities owned 50% or less by the taxpayer or a related party.In your case, your mother-in-law, aunts, and cousins are not considered related parties to you under the definitions in Sections 267(b) and 1031(f).

The 4 vacant are new rehabs I just completed.Total Rents Collected: $23,025/mo Debt Service: $12,358/mo (sad for me. 8% interest rates lol) Property Management 10%: $2,303/moReserves (Vacancy 5%, Maintenance 10%): $3,454/moPhantom Cash Flow: $8,365/moTrue Cash Flow: $4,911/mo (Money I can legit burn) Total Purchase Price: $1.573MTotal Rehab Cost: $122,617Total Cash In Deals: $539k Total Appraised Values: 1.81MHope this inspires someone.

Now having a trust to avoid probate, care for young children or folks not ready to inherit large sums of money yet are very good reasons to have trusts.

They say that their children are constantly running around and hearing the constant little feet is irritating.Is there anything I can do?

Although you could officially sleep 9, most times you will not, and if so often times they will be children. 

@Caryn Fischer  The downside of gifting or selling property to your children is that it can have capital gains tax consequences.

Hi Argel, congrats you are an inspiration to so many investors out there feeling stuck in their W2 job!

Hi Daniel,Thanks for sharing your story and background—it’s inspiring!