But, most people's personal possessions are worth FAR less than they think.  

So any property that you own or any debt you have in your possession when you close the sale of your old property is not eligible to become part of the 1031.  

This begins good protection for your personal possessions from the risks associated with your RE business.That's only a thumb-nail sketch, of course. there's a lot of details along the way.Note that this is not legal advice, nor am I a legal professional.

(and maybe two "flips" per year).Does the IRS look at the mere possession of a RE license (and the tax expenses claimed on the tax return) and say "this guy is a real estate professional" and require that I pay self employment Social Security tax?

There are a lot of possible hidden costs and no guarantees on those types of properties and it could take months or even years to gain possession of the property.

Sure you can arrest each smoker when caught, charge them with possession etc... but whats the grand effect in thwarting the problem?

We by far have the higher standards of life and possess the greatest opportunities and freedoms, which those who are of the socialist persuasion want to have taken away from us.

For the trim we just used a glidden trim paint.We took possession in early December.

That has to be reasonable.You leased the right of possession and with that goes quiet enjoyment of the property, to use that property for any lawful purpose, had you put no business operation on premises in your lease, you could have restricted that use allowed.

He now possesses the financial IQ and investing experience of the how to turn his first million net worth into  $3M, then to eventually into $5M.