That is a classic use of the 1031 exchange.

I was confused because the house doesn't have the classical signs of foundation problems like cracks in the walls or sinking floors.

If you're like me, then when you started listening to the Bigger Pockets Podcasts, you also started reading books and authors that are recommendations from the hosts and guests - and have found many favorite books, with many classic and inspirational quotes.  

Reynolds Jr the classic real estate investor book of all time was written (first version) in 1959, is NOT about wholesaling, and contains none of the latest tricks, fads or improbable tactics.However, it is the absolute BEST primer for anyone thinking of entering the residential or small commercial real estate arena.

The apartment was formerly a 7 bay garage (a former owner was a classic car dealer).

We just did a classic re-piping for one of our SFR rentals. 

Any new ones that have more current info than some of the classics? 

And, what would a classic loan look like in terms of interest rates, percentage down, points, years, etc. for someone in this fledgling stage of their journey?

I'm a bit of a classic car enthusiast and like most of us out there, we just don't have the cash sitting around to dump on a fun vehicle that needs constant attention and can be costly depending on what you want.

A classic example of placing a cart before the horse!