Here is the how I would explain it to a kindergartner:The true power of a 1031 exchange is the ability for an investor to meet their investment objectives without losing equity to taxation.With more money they can buy larger, multiple, or more productive properties.What is the alternative?

This is why mentorship can be so powerful in helping people achieve their goals.

To avoid the risk management/insurance that comes with tenants' wood fire use:I'm thinking to seal the chimney cap on roof and run a cord putting an electric Infrared heater fireplace in there, so they can still open the glass and get heat and watch TV over the mantle, but can't burn anything or have any flame.

Final thoughtsSo its been a journey, I am contemplating going full-time in entrepreneurship as this is my second successful business, my end goal in life is to have the option to retire by 35 haha so I want to do everything in my power now for future me.

Take the year to do powerful renovations like the kitchen, adding bedrooms and bathrooms and updating what needs updating (up to the standards of the other renovated homes in the area).

Texas has this in the boilerplate language and it's a powerful provision.

By staying true to honesty and integrity, we can ensure that private money lending remains a powerful and reliable resource for real estate investors.

High borrowing costs right now, so have to look at what you're able to produce vs the borrowing cost. 1031ing can be a super powerful strategy, but there are time constraints involved.

If the home is 100 yrs old, I'm assuming it's a definite gut which is going to require new plumbing, electrical, heating, cosmetics.I spent about $140K reno on my multi family in the heights on NY ave and there were massive problems with it but it was a gut to 3 units & adding 2 bathrooms, 3 brand new kitchens 4 bathroom reno in total, all new flooring, sheetrock , insulation, framing, doors, electrical, plumbing, paint, parts of roof etc.

In the Parlor floor we added a large-ish kitchen with electric oven and cooktop that goes to the sub-panel that belongs to the Parlor floor, making it a nice 800ft 1 bedroom apt, with access to a shared backyard.