Purchase price is $60K and estimated ARV is potentially 200-300K.

Secondly, talk with someone in your area who is experienced in making these purchases.

They have their own device you need to purchase and install.

Therefore, the building should be purchased in an LLC, where everyone is a partner, and you can then buy them out at an agreed price. 

@Chris Harwood, You will need to purchase real estate with your 1031. 

Worth area it is typically 1% of purchase price.

In those instances you can purchase the new property in 'cash' position and do not have to get an additional mortgage. 

I know that :)   I have great credit 740+ FICO, a few flips under my belt and this current project isn't complicated ($110k purchase price, $20k rehab for cosmetic fixes).They pulled credit before my term sheet was issued :(   90% LTV on purchase / 100% LTV on rehab  (What they sent:  65% LTV on purchase / 100% Rehab)Rates starting at 7.49% for 12 mos  (What they sent: 10.49% + 2.75% Loan Orig)We have a tight close date and I have to call the Account Executive everyday to find out what the status of the loan is, term sheet, etc..I'm not sure if I will use them for this project as I have already received 90% LTV for purchase and rehab, 9.49%, 12 mos, 1% loan orig, from another source but I wanted to try them as I heard many good things about them from other investors. 

One study showed it was cheaper to rent than purchase in 97 of the largest 100 markets.  

Purchase price: $185,000 Cash invested: $33,900 Sale price: $280,000 Contributors: Peter Vekselman Partner Driven, in collaboration with Seth Choate, successfully completed a deal on Sierra Drive, Coulterville, CA 95311.