Hey all,We're facing another crossroads with what to do in terms of a 1031 exchange that my parents and I co-own (which I also live in with my wife and kids) with our current place and selling it in exchange for a place that's a little bigger.

Each option will be priced differently in terms of points and interest cost so it’s up to you.Multi family properties are the only type of commercial that you can get 30-40 year amortization and lower down payments. 

He seems to be a good reputable guy and has prepared the contract with details of the job process.Could anyone share your thought, tips,or experience in terms of picking a good contractor if you have similar project experience in the past?

@Arta Montero To me the answer to this question depends on the type of area you purchase in and the size of property in terms of number of units you are looking to buy.

I would look for deals in not so established places that are coming up like West town, Pilsen, Roscoe Village, areas that values are going up in in terms of rentalsalso as Henry said be very careful of the HOA if they are not investor friendly you will end up taking a loss

In terms of length for shingles, not sure--this is the first time I've encountered a roof replacement.

In terms of the rental income I believe it is taxed at a lower rate than W2 employee income.Also, a question of my own for anyone who knows, would the rental income taxed be based off the full amount the tenants pay or just the cash flow?

Ultimately a good agent will be able to work the deal in terms of marketing and negotiating for you to make sure you're getting the highest and best price for your unit. 

No matter how you pay in NJ you'll have to keep a close eye on taxes if you buy and hold some areas are better than others in terms of taxes, you may want to only look in the areas where property taxes are on the lower side

People are buying properties for more than makes sense right now in terms of cash flow.