You'll want to get a title examination and know what has to be paid off as well.

John,My first reaction would be to examine the "needed" renovations list carefully.

Well, you do have to pass the exam in order to get your license!!

Seems every year the IRS has some quick about what they will pick on with small businessesbut this has always been one of the issues that will be examined, not saying that some don't slide through.Best advice is to keep great records.

If I have a choice between a slice of pie or no pie, I definitely would rather have a slice.I do agree with Finance Examiner though.

Promissory note and mortgage documents are prepared and they are paying for a lawyer to examine them... deal is moving forward and target closing date is next week.

All of the points mentioned above come into play.One aspect of activities with finance regulators and courts is the re-classification of loans, initially the lender believes the loan should be one classification but after examination it is classified to another loan type.

Scott's SOW and can just use that to examine the majority  of the home on my own.

Granted, the bank is just on the first floor of the building where I work, and I didn't walk out with any money, but it was still tough to get over my nerves and actually go do it regardless of how close it was, and I did walk out with knowledge and a game plan for the immediate future. 

So if examined there is a much higher rate of disallowance than if you cash out after the 1031 is complete when you are simply borrowing against the equity in your property.Unless handled correctly you'll not better yourself anyway.