@Jerome ZhangIt's in Prospect Lefferts Gardens.I'm sure you've looked into this, but if the house you're selling is owner-occupied then you can write off 250K (or 500K assuming your parents are married) of the capital gain.http://www.nolo.com/legal-encyclopedia/the-2500005...If you have to use all the capital, though, in a 1031 exchange, why not aim bigger and just put 25-30% down on a higher value building?

I was wondering if I could get some feedback from seasoned MHP investors on the following potential deal:21 Owner Occupied Lots @ $225-$235 5 Rentals Units @ $295-$365 22 Vacant Lots 1 Stick Built Home Sold on Contract @ $595Average Monthly Income: ~$7,005 which equates to ~$260 per lotGross Income Income: $84,060 Expenses: Landscaping / Maintenance: $8,350 (9.93%) Insurance (liability only): $250 (0.30%) Real Estate Taxes: $8,400 (9.99%) Utilities: $2,700 (3.21%) Administration: $1,800 (2.14%) Waste Management: $4,600 (5.47%) Total Expenses: $26,100 (31.05%) Net Operating Income: $57,960Assuming a 10% Cap rate the value of this property today would be $579,600. 

2) Don't make any extra mortgage payments, but save for a down payment on another property, then rent out the 3/1 and buy another property with owner occupied financing (after 1 year).3) Focus on aggressively paying off the mortgage as quickly as possible by renting out the 3/1 and living in the 1/1. 

I have an advantage to an owner occupied loan at the moment, so I was thinking to basically do a live and flip, because I still do also need a place to live as well.

I have an advantage to an owner occupied loan at the moment, so I was thinking to basically do a live and flip, because I still do also need a place to live as well.

The reason I ask is that I myself am doing the owner occupied thing in one of my 4 unit properties.

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookConsider checking out HUD homes for small multi's owner occupied gets first crack.Download BP’s newest book here some good due diligence in Chapter 10.

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookConsider checking out HUD homes for small multi's owner occupied gets first crack.Download BP’s newest book here some good due diligence in Chapter 10.

Ive heard from a few people that if you own and occupy a current home and want to hold on to it and rent it out while buying a new home elsewhere it is best for tax purposes to put the new home in your spouses name. 

Conversely you can buy a C type building where there is more cash flow but you are generally dealing with more issues ( older buildings, flakier tenants, more turnover ).If you live in the property you could rent out 3 and occupy the 4th unit using FHA and putting 3.5% down.If you are purchasing straight as an investment then 20% down is typical.Lenders typically look at annual income from your job or business, 401K, IRA, checking, savings, stocks, equity in property, etc.A high end area a quad might be 100k a door or more so 80k down for instance.