It is also possible to start off with a regular Forward 1031 Exchange (sell SFRs first, buy multi-family later) and combine or end with a Reverse 1031 Exchange if not all of your SFRs have sold by the time you must acquire your replacement property. 

I've been interested in doing the same thing with a 203K but multifamily opportunities scare me in Indianapolis (with a majority being on the east side).I'm going to monitor and hope to connect with you on your future progress.

Was it something that you researched and then followed, or do you go out to Kansas City regularly? 

I have been loosely monitoring this topic for about a year now...let us know if you discover anything as you do your research.

Since we have not had to file a tax return for the LLC, we have not talked in depth with out regular tax guys at all yet. 

The 10% is good for regular maintenance but when the roof, the HVAC or the plumbing goes you had better have some capital reserves.

Vacation rental should be treated the same as a regular rental since in a sense they both are considered investments.  

Do y'all have a regular meet up?

Check Homepath regularly, or an agent can set up their own alert so they are notified immediately.  

Banks want to make sure you have enough income to service all your debts plus regular living expenses.