I read a post on here that stated in order for it to qualify, the new purchase of the 1031 had to be of the total sale amount ($10M or greater). 

I am looking to partner with a reliable loan broker for both commercial and residential loans

Purchase price: $160 Cash invested: $108 Sale price: $355,000 Vintage 1900 2 Story 1650 Square FT Complete stud to stud restoration What made you interested in investing in this type of deal?

If they made one that looked more like a traditional lockbox, or if erentallock offered a standard lockbox, I would immediately begin purchasing those as well. 

I have spoken to some other hard money lenders and most require 10-20% of the purchase price as a down payment.

Congrats on your purchase and on getting started in MTRs!

I used it to purchase an off market deal and am about to refinance to pay it off and pull out equity (550K total). 

and then a commercial lender the rest of the loan to purchase?

I started my real estate investing journey this year with the private purchase of a off market house that went awesome.I then found a interesting triplex/warehouse property, went and looked at it with the listing realtor, crunched the numbers and decided that it made financial sense.

High purchase prices, need to choose right areas within a market.