Also, I'm not sure how you secured the contract without proving that you had financing ahead of time.But congrats on what should be your first rental (and rehab), right?

Hi @Sergey Pshenichkin, here are my thoughts.Go for an FHA, a regular FHA, no 203k. 

The security deposit covers the last month's rent. 

Complete exchange all is well.The problem with all forms of reverse exchanges is that the relatively complex structure causes them to be relatively expensive compared to a regular exchange.

However, I want to provide security for my family long-term and attain Financial Freedom.

I noticed you mentioned a lot of terms that are not regularly mentioned on the forums or even the podcasts...

. ($50M portfolio) & I can tell you without a doubt it's a terrible idea to put a tenant in the property that cannot pay 1st months rent & an equivalent security deposit.The fact that many people you are talking to cannot afford this is actually a good thing.

@Patrick Murphy, A REIT is not eligible for 1031 treatment because when you buy a REIT you are buying a security and not the underlying real asset. 

Also make a list on your Amazon cart to have the TP, soaps, coffee, cream, and sugar packets etc. to come on regular bases.

I stress that regularly changing these will help greatly with heating and cooling costs.More often than not there's still 11 in the box when they move out.For many tenants the only way to make certain these will be changed out regularly is if I go over and do this myself.Gail