To me that should be rolled into the quote. 

My thought would be househack with minimum cash contribution, force some equity, then do a rate/term refinance roll in costs and get refunded your escrow balance and another $2k at closing. 

Which often the time is a total combined project time encapsulating more than the specific task alone, but things such as roll-out, roll-up, any ancillary tasks, maybe getting materials, site travel etc etc... 

Unfortunately, your accountant is right about this one.In a 1031 exchange, the goal is to roll over all the proceeds into the new property to defer the capital gains tax.

Your first few deals not only get your bank roll going but they also set you off on the right foot if you have success.

Successfully turned 80% of rent roll from $650 rents to $1150 and drastically improved the NOI.

Find a lender willing to be in 2nd position or find family or friends willing to invest in your project---if they have IRAs, they can roll over into a self-directed and invest in your project. 

Leave feedback here and other places and help me get the word out that in am looking for private investors and mentors to get this ball rolling.

But worth it by not paying the taxes and just rolling them into the new property.  

You purchased it with a HML, and are now rate/term refinancing the $1.5m (75% of $2m) hard money loan for better terms b/c you show six months of stabilized rent, the T-12 and rent roll with the monthly breakdown shows a clear trend towards where we are at now.Your hard money loan matures at the 2-year mark, but you weren't silly enough to call me at the 1 year and 11 month mark, so my partner lenders that have great terms, but move slower, are on the table.