For this exercise, let's assume it's $50K total.3.

And that's the mental exercise you can go through to see just where your tolerance level is for paying tax vs the deferral route of a 1031.  

Based on what I've read here on BiggerPockets, it seems that the IRS's 120 day right of redemption period is merely a statutory right that the agency has not/does not actually exercise(d).Would it even help me as a 3rd purchaser of a property at a sheriff's sale to start the demolition phase of construction during this 120 day redemption period? 

Quickbooks does not allow importing CSV or Excel PM transactions; so, you will have to purchase a CSV to QBO converter on top of this exercise...crazy.Most CPAs and bookkeepers just manually re-key each transaction and owner's pay the price tag.

But, if it was me and I had the choice, I would start small as I was young and trust that I will have a sound understanding of myself as an investor to leverage later for larger returns with lower risk.For the ease of this exercise, let's say you sell your SFR for $200k (there may be better options, but for the purposes of this exercise...).

Broker must exercise reasonable skill and care for Seller, including, but not limited to the following: 5.1.1.

I echo two things Ryan has said: This business is reallybuilt on reputation -- so take the time it takes to buildit carefully, and secondly, exercise real caution.Caution doesn't mean not ever doing a deal.

For short sales, you'll get plenty of seller interest, but no bank interest.This just doesn't seem like a fruitful exercise to me, and I'd suggest learning how to analyze deals FIRST so that you don't have to make ridiculous offers that get you a bad reputation with listing agents (and it will).

I need to decide on the monthly lease payments and the price of the home when he exercises the option in 24 months.

And then you have folks with low FICO scores who, like I indicated above, just got sick, and got right with all the unexpected expenses and bills over the course of three months, but those late payments do not drop off for 5-10 years.We're handcuffed into giving out those irresponsible loans, and denying those completely responsible loans, but you as an individual landlord have the freedom to exercise wisdom and discretion that we do not.