Here your 1st TWO DEALS could be given to YOU as a Training Exercise but You still make the COMMISSION!

This was an exercise for me to see where I can improve my approach.

You have an amazingly valuable property here that could continue cashflow easily with minimal contact from you if you hired a good PM (or had your son do it as a learning exercise).

I eat healthy and exercise fanatically every day.2.

When you think of your kids and what you could leave behind, $1.3m that will continue to appreciate is a helluva lot of money.This exercise has prompted us to find a way to combine both goals.

There are a variety of ways to search for and then tie up suitable replacement property, including making an offer to acquire the replacement property with a contingency that you must sell your relinquished property, placing a lease/option on the replacement property so that you have it under your control and can choose when to exercise the option and then close on the purchase, or structuring a Reverse 1031 Exchange transaction.Regular Forward 1031 Exchange transactions should only cost between $700 and $1200 total if there is one sale and one purchase involved.

This little exercise will also give you your market nightly price.

If for whatever reason, you do not exercise your purchase option by the exercise date, they get back the improved property and if there was some positive cash flow, you keep that.Unless you have done this before, get a good lawyer to prepare the paperwork.Oren

If I was house hacking I would not need to put 25% down and I would be able to get a better rate but for this exercise I will use my numbers mostly because I have already worked out my numbers (it is easier for me because I have the real calculations that I have already performed). 

The most important process in REI is the due diligence, so do it as an exercise even if the deal looks iffy.