Any taxes and insurance paid5.  

And build a good local team that you can depend on.

So here’s what I found, an event hall building for sale.

Normally they're set up to take a lot of your money and sell you some kind of monthly software subscription.Search google for a white paper on tax lien/deed investing in your state. 

We build houses; rehab houses; love our neighbors; and wouldn't think of living anywhere else. 

This presumes you make smart purchases that cash flow after paying all their expenses (Principle, interest, Taxes, Insurance, and a maintenance / Capex reserves).The risk of leverage is if your properties AREN'T making money - maybe you misjudged your income, or you run into repairs that cost more than you expected or budgeted for.  

The problem is with the high building regulations and high cost of construction, it is mathematically impossible to build "affordable" housing.

You do a 1031 to defer taxes sure.

I'm looking forward to acquiring my 1st building and learning from everyone here.

We do not represent them.And I can tell you, in almost every case we have an unrepresented buyer on my listing....I make more, the seller makes more....and the buyer is probably paying more than they would need to, and waiving things, or agreeing to contract terms that they have zero idea what they mean or is customary.As an example, almost every unrepresented buyer on my listings ends up paying 100% of the transfer and recordation taxes, when customarily those are split 50%/50% between buyer and seller.