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. 

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

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.  

@Nghi LeYou may want to contact @Steve Vaughan and awesome WASH state REI.If they want a fee, give them a fee of 25 - 33% of the option fee paid by the TBer.

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.

Many of them truly CAN NOT handle the pressures of a regular job.