What are some important pieces we need to be working on now that we may not have thought of?

We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processesWe recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

. $150k down, 5 year balloon, 8% interest, no inspections, repairs, or appraisal, $20k over asking, and most importantly.

SOLD comps vs ACTIVE is very important. 

They love the nostalgia of it and wouldn't consider replacing such an important and historical thing.There is no script that will lead you to success in this, but friendly and collaborative will help.

If maintaining strong cash flow and minimizing risk are more important, Option 1 is the safer choice.Good luck! 

However, the right Broker is very important when first starting because they can train the agent how to run their business and find success.

We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processesWe recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

It’s also important to check with your lender to see if they offer this option.Lump Sum Payment: You’ll need to make a significant lump sum payment toward your mortgage principal.

It's important to note that you cannot include your primary residence in a 1031 exchange, as it must be held for personal use rather than investment or business purposes.However, your primary residence may qualify for the Section 121 tax exclusion if you've lived there for at least 2 of the last 5 years.