Regular price is $497.00, but sale price is $47.00.

For the duration of the lease-option the property stays in the sellers name, so it should not trigger a "due on sale" for the mortgage, until the option is exercised. 

A 1031 exchange would be used to sell an existing property you own and buy one (or more) replacement properties without paying the capital gains tax on your sale.  

New investor question here:I have found a short sale that, after running the numbers, appears to be a good deal.

I'm about to list my Chicago parking spot for sale.  

Meaning a promissory note alone wont matter when title runs a search on the property during the time of sale.

Being a commissioned sales person myself, I understand there is a certain amount of time that you must invest in someone to build the relationship before you can really claim them as a client and claim ownership of that person amongst my peers at my store.

The requirements of the 1031 are that, in order to defer all tax, you must purchase at least as much as you sell (net sales price before mortgage payoff).  

Sellers often hire a auction company, which advertises the property for sale and typically hosts maybe one open house to show off the home.

Here is what we know so far:Out of state land lord Has been for sale for more than 3 monthsAsking price 240kBuilt in 1981Each unit is 1050 sqft 3/2 with utility roomRent is $1050 (I have not seen the actual numbers this is what the real estate agent told us)Landlord is paying water and trash but don't have those numbers.Two units are currently leased Last roof: unknown AC and water heaters are currently working but do not know when they were last replaced.