Of course anyone that would "buy" a property for 5K and then "fix it up" needs to have their head examined.

The home inspector will say that because of the snow they were unable to thoroughly examine the roof.

Here is an excerpt from our rental criteria, so you can get an idea of what landlords who would consider renting to someone with legal history might examine.

I can talk to one person about Anacostia  and they think it's the most horrifying unmanageable battle zone not worth examining.

I pay them on a per diem basis each time they do a walk through.4) Extermination - provided by condo.5) Electrical - once every 1-2 year I have a licensed electrician examine all electricals in the apartment.6) Insurance - my insurance agents take care of that, and my tenants have renter's insurance with my name as additional insured.7) Lease - my attorney takes care of that.8) finding tenants - my real estate agents take care of that based on criteria I provide, and I use online screening sites to screen tenants background.

And then you've got to examine your intent before trying that 1031. 

Best way to do this is for an attorney or title agent to run a title report and have their examiner present the proper description for you to copy onto the QCD.

As a result, you will most likely spend hours viewing over-priced properties that 'match' your criteria, only to discover that they fall short, that the calculations are off or that they fail to verify certain documents (such as income/expenses, vacancy history and examine current leasing agreements).  

I don't have a 1003 in front of me, so if the block says secondary market loans, I might be mistaken, but the intent of the other assets and liabilities section is clear to me, I think it is after 20+ years of filling them out and examining banks for compliance issues as an examiner, I don't know, I might be off base, but I think I'm safe in the overall assessment and what was inferred.

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