If it was a personal residence and you lived in it for 2 out of the last 5 years, you can exclude a portion or all of the capital gain on the sale of that house.Another reason to sell is that property may make a great personal residence but a lousy rental property.

You can speak to a local mortgage broker to find out the terms for mortgages on properties you are looking for but make sure you have a good sized reserve fund and are withholding a certain portion from rents to add to that reserve.

What about that route for the rehab portions?

@Benjamin Garrett Correct, however during the refi portion onto a conventional loan, would the property need to be seasoned first?

Should we just send them the water bill statement or should we attached to that an explanation to why they should now pay their portion of the water bill?

You want as much historical information as you can get but at a minimum t12, rent roll, tax returns etc.The owner finance portion is equity so calculate the NOI and subtract  the payment for owner financing and the debt and hopefully you still have cashflow.

I also spent a good portion of my childhood in Guilderland and Waterford so I am somewhat familiar with the Capital District.For the past month we have been in touch with a few realtors and have spent a number of hours on the MLS analyzing properties, however, the realtors we have spoke with do not have much experience working with investors.  

So the more 1031 gains you have in the property the smaller portion of the property (proportionally) you will be able to accelerate with teh cost seg. 

Clearly a fixer upper is willing to put in more work, which the “more work” portion being reflected in how much more $$ you make.  

I’m young and have a low paying job and just paid off a large portion of debt, so I don’t have much money to put in.