If you are selling for 1M after closing costs you could purchase two 500k properties in your exchange and own one cash and a mortgage on the second.

You also cannot use a second mortgage (from HML/private lender) for a 2-4 unit non owner property. 

Only in community property states, can an LLC with only husband and wife as members elect to treat their LLC as a disregarded entity, which means all LLC income and expenses are reported on either Schedule C or Schedule E (as appropriate) as if the LLC did not exist.

I also have a mortgage on this property paying $683 a month.Now I'm deciding should I continue waiting for a possible tenant or should I just sell the property.

I want to know is it more cost effective or easier to purchase the property alone and put it in a mortgage in our name or purchase the LLC from him that holds the property within it.

Hey Frank, not sure who you're replying to but I want to emphasize based on what you said pretty much EVERY mortgage broker should have 10-20 options of lenders who can do this.

For the past 4 years I've been focused full-time on the niche of pre-existing non-conforming land parcels and/or land that is considered undevelopable.Basically, I focus on rehabbing lots instead of rehabbing houses and I have virtually no competition up here in the New England Area.Is anyone else here doing this?  

Investing in a mortgage fund should not have tax implications for your Roth IRA since the investment is passive. 

Joe Rohne (Me) and Parker Borofsky at Movement Mortgage

@Frankie Paterno In most places you will likely find that your $1.2MM will go much further with existing built as opposed to developing.