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.

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.

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. 

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

So depending on how much 2% is I'd wait until I had equity in the property to do it and cover costs so I could if needed roll in points. 

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.

Not the cheapest but they have landlord’s insurance and some liability all rolled in. 

And the joy of syndications, just like any other business, you kind of get to choose who you attract.As you note, Jay, the jets and Rolls Royce and photos with celebrities certainly get attention.