I'm doing a 1031 exchange, so the net proceeds are 423k, and I also had a mortgage of 368k left, so I'll need to borrow at least that much to meet the requirements of a fully deferred exchange.

So you'd pay tax on the $70K but shelter whatever remaining gain there was in the 1031.You can borrow less money and put more down. 

At that point in time you can aford to stop caring.

I actually work pretty close to Morristown so I'll try to stop by on Thursday

Since then, I've been listening to podcasts non stop, browsing through forums, reading tons of BP articles, and scouring around for reading material (REI & business books). 

As you drive around town, stop every time you see a porta-potty at a significant job site. 

the other question about building a 4 plex, borrowing the 240k to build it @ 4% 30 yrs about $1600 piti, if my figures are right, making about $200 a door, is this a good investment?

I was the lender they were the borrowers and when things went bad their tenants stopped paying they could would pay for a few months then quit and then I took the asset.. lost of drama lots of marital discord .. was not pretty.. but I am not predicting those times again I am hoping that was once in a life time.. but folks that had free and clear assets even if they sat vacant they did not lose them.. that's my point.. no most of my friends that made it owned business or were presidents of companies that went public and got monster stock payouts.. remember I am from the Bay AREA...

Fayez Shantanu Most lenders do not allow you to borrow the balance even if it is in 2nd position.

You will eventually need an LLC, but dont worry about it while you are house hacking and more importantly dont let it stop investing.