(Most notably, they've gotten REPS aggregation all mixed up in the past.)Based on the regs seems that:- 1245 ordinary income recapture applies to some forms of property that qualify as "real estate" for 1031 exchange purposes- 1245 recapture on such "real estate" overrides 1031 deferral such that 1245 depreciation is recaptured to the extent there's a trade down in 1245 property in the exchange@Heidi Kenefick There are many additional mitigating considerations worth discussing in conjunction a real estate tax accountant.    

Each step requires careful consideration, but with the right team (agent, lender, inspector), it can be a smooth process.

We have a PMI payment of about 300.00 per month.We have put a considerable amount of money into the home to include a completely renovated 2nd floor 2 bedroom unit.

So, here are my thoughts on WREIN: Positives: great networking with various REI women, access to women that are PMLs, some good training material (but mostly geared to Texas REI), motivational discussions, 4 months of working with their coaches online (who are very helpful and knowledgable)Cons: *high cost to participate (even when it was just $9700); when you take the $17 Masterclass, during the Masterclass, *they don't really give you a  good understanding of how much money it takes to get started; you will need to spend a considerable amount on marketing if you opt to do wholesaling or look for properties off the MLS to flip (be sure to do your research in advance), *they cannot give you specifics for your state and give you tons of disclaimers, so be aware that you will need to do additional research on your own. 

If your lender worked hard for you, and you have a relationship with them, be considerate and do not do your refinance until you have hit the 6 month mark.

I’ll take those areas you mentioned into consideration.

A great sponsor can save a deal that goes a little wonky.A poor sponsor will screw up the best of deals.Sponsor number one consideration in my mind.

Many people say "I know for a fact none of my family has judgments" but family members regularly do not discuss their financial problems with other family members, may be unaware of legal issues and their standing, and there also could be fraud.You should also consider any prior spouses among the parties that ever lived at the property as a marital interest attachs regardless if they were on title unless resolved by express court decree (in which case former spouse should join the conveyance).An attorney is not required - though you will need a properly drafted deed, GITREP form, and affidavit of consideration to record.

What other approaches can I take into consideration that will allow me to achieve my goal of $1M/year?

And my answer is taking everything into consideration.