In other words, you could find a tenant by word-of-mouth but if you put an ad online or in the newspaper then you must abide by Fair Housing.EXEMPTIONSSpread the word at work, church, or whatever.

If you do not have an exclusive buyer-broker agreement, then find another agent, but get it in writing first that she will not write your offer as she may come back insisting on her commission as procuring cause of sale if she showed you the property first. 

In addition, if you are self-employed with no full-time employees you may wish to consider opening a Solo 401k instead of a self-directed IRA as it has several advantages over an IRA LLCsuch as much higher contribution limits, direct checkbook control (i.e. no need to have the account at a speciality trust company), ability to take a 401k loan, exclusion from unrelated debt finance income tax with respect to investment in real estate acquired with non-recourse financing, etc.

We almost exclusively invest out of state and in the southeast and midwest, so I'd be happy to help with some questions or concerns you have.We also host a free monthly meetup in Westbury if it's something you're interested in.

But as far as I know, you can't do a 1031 and the 121 exclusion together on the same property at the same time as you mentioned.

@Thomas MurrayIf you purchased a multi-family where a portion of the house was used as a personal residence and the other portion is used as an investment property, the sale would reflect as such.The portion of the house sold that was a personal residence may qualify for section 121 exclusion.

That said, I think you are talking about Section 121 exclusion which broadly says you can exclude up to $250K ($500K for married couples) of gain on the sale of your primary residence (lived in for at least 2 of the last 5 years).

Also, will the bookkeeper do exclusive bookkeeping or will they be assisting you in the admin side of property management?

Also we could never serve her and we went for a stipulated order which the judge denied and he made us post in the newspaper that cost another 5 or 6k. 

You can do this by doing a Non Exclusive Option to Purchase.Makes sense?