Nice,, Lucerne  Clear Lake Oaks.. 

The trade off to do a 1031 is that you leave your chips in the game if you want the IRS to leave it's tax in the game.  

This seems reasonable, although I could be wrong, that by doing so, the lender is always in a safer position if the buyer put more chips in the game. 

@Jim FryeIn my opinion Oak Park is a great location for investments.

Overall, I am looking at: new roof, new drywall in about 50-70% of the project, insulation of attic, and external walls, new electric (with 4 new meters and wiring and outlets throughout), new plumbing, new hvac systems ( most likely ductless mini splits), new windows, redone flooring (stripping an d finishing oak floors), new kitchens, and new baths.

You can do testing and if there are paint chips everywhere might be worth it to collecting some to test say the outside paint if you plan to paint again.

Goals in this movement: Apply rental income to continue to chip away at my principal balance.

We were going to each chip in 20k and one of the guys moms will co sign.

We plan on collecting a few months rents and then chipping away at some of the projects.

Since we are dealing only with $1300, threaten to walk and the agents might even chip in just to get the deal closed (j/k, well maybe not...)