Both purchase price taxes and expenses could be disputed as higher or lower though I think they are pretty reasonable.

Evan - I am at the same point in my career/journey, and moving to the DFW area in September.Would love to go to a few meetups with you and work collaboratively on building a strong network, learning the market, and preparing to investment in a first property. 

This creates two loan payments ($100,000 of equity and $300,000 on the new mortgage).Key NumbersHome Equity Loan Interest Rate: 6%Mortgage Interest Rate: 7%Rental Income: $3,000 per monthExpenses (management, taxes, insurance, maintenance): $800 per monthIncome and ExpensesMonthly Rental Income: $3,000Monthly Expenses: $800Monthly Mortgage Payment: $2,000ExplanationThe investor earns $3,000 in rent each month.They pay $2,000 on the investment property mortgage and $800 on other expenses.This leaves $200 profit each month or $2,400 per year.However, you have to pay $6,000 interest on the equity borrowed.This leaves you with an annual loss of $3,600.This example shows that while the rental property generates positive monthly income, the interest cost of borrowing the initial $100,000 results in an overall annual loss.

My best guess is they're building a buyer list without having any leads for properties yet.

Very excited to continue to dive into this line of asset collection and hopefully build a great portfolio for myself!

I had to learn to establish relationships with people in the real estate investment field prior to purchasing and building.

Therefore, you likely wouldn't be able to use the 1031 exchange to purchase part ownership in the commercial property LLC.It’s best to consult a 1031 exchange expert or tax advisor to explore your options and ensure you're following the correct rules.

looking back I got a decent deal but it took too long to close and I need to find a team for the long term to accumulate fourplexes or build them.I'm wondering if people involved are just washing their hands if my deal rather than grow from it.Emails from before closing were insane looking back on it. 

There are also apartment buildings that collect app fees and show a show unit even though they don't have a unit to rent. 

DSCR for example has less requirements like (No income, No taxes) it uses rents to qualify.