I had $10k line of credit on a Discover CC, and I borrowed $10k from my 401k plan.

This is going to be a section 8 rental in basically a C, C- area of Baltimore.  

CC

If you sold the properties, and invested the proceeds as 20% DP (let's take out 10% for CC), you'd be paying $1.125M for a PV of $5.625M. 

We got the $80k to purchase house from HELOC on first investment property, rehab money was from interest free HD and Lowes CC for supplies and personal savings and business savings from other rentals to cover cash needed. 

I'd say first step is to find a good local lender in CC that is experienced in 203K loans. 

@Sam DrizinI accept CC payments with tenants using Square...works great and is simple..its not fully integrated but I track it and it all works out.

They are not going to vet anyone who stays 4-5 nights beyond a CC and driver's license.

Question for any 1031 experts out there (cc: @Dave Foster).I'm looking to sell a free & clear property and want to do a 1031 with the proceeds.

If you are doing a live in with room rental charge everything that is a business expense to that account and CC and receive all income that way as well.