I haven't been challenged on it though.

Challenged tax assessments. 2.

. / $4,166.67Annual debt service “DS”Revenues:Monthly AnnuallyRental Income$935$11,220.00 (RI)Vacancy @ 8% ($74.80)($897.60)Net Rental Income $860.20$10,322.40 NRI)Operating Expenses:Property Tax- 1800 (this is being challenged currently, but no ruling at this time)Insurance- 1000 (estimate, I will get a quote on this for sure.)Maintenance- 1200 (Estimate)Utilities- 800 (Estimate)Advertising- 100 (Estimate)Total Operating Expenses (*Very Estimated*) = $4900 (TOE)Net Operating IncomeNRI-TOE= NOI$10,322.40-$4900= $5422.50 (NOI)Total Cash FlowNOI- DS= TCF$5.422.40-$4,166.67= $1,255.73Return on InvestmentTCF/ TCO= ROI$1,255.73/ $5,000= .2511 (25.11%)Cash on Cash (Considering- Down Payment, Upfront Repairs, Closing Costs)TCF/ TCO (W/repairs and closing costs)$1,255.73/ $6,500 ($5,000 DP + $0 Initial Repairs + $1,500 Closing Cost) = .1923 (19.23%)My thoughts regarding this deal: I think the asking price is a little high for the property considering it’s age, condition (off of visual inspection from the street level only), location, what limited comps I could find.

However, I enjoy a fun challenge.

You have have cited a few challenges but what you need to do is set a plan in place to overcome them.

The opportunities for education and improvement are literally never-ending, with constant opportunity for challenge and triumph.

And your lack of transportation will make both finding and managing this property a real challenge.

During the conference call each member has 15 minutes to go over their goals and report to the group their successes, challenges and ask for suggestions.

I know (or maybe I have no idea) a 4-unit building will be a challenge but at this point it seems like a solid move.

The definition I am told by 1031 exchange companies is that the IRS views anything less than a year as holding for resale purposes and not for investment purposes.So the 1031 companies recommend at least a year unless you want a lengthy fight with the IRS based on cases they have seen come up challenging the 1031.This is why I didn't know if the time had to be continuos or not.I am going to call some 1031 exchange companies today to get another set of eyes on it.Thanks for all the help.