Good luck with Uncle Sam!

My uncle had a saying "the easy step is taking things apart, the hard step is putting them back together again."

I have an uncle who is an astute investor (CCIM), and he uses 1031's religiously.  

@Michael LoweMy family is against it because my uncle had a duplex in an undesirable part of town (even though he lived in it too).

If Uncle Sam catches you.... say good bye to your write-offs and depreciation.  

"Oh, this or that delay, my uncle has brain cancer, bla bla bla, we need 45 days to close now" -- and meanwhile they are off calling me to apply for a mortgage, which was their plan from the start, while keeping that inspection contingency in place so they can back out if all doesn't go as planned.)

I didn't see your expected timeline (at $44/day interest) or ARV, so extra hard to estimate profits.Be sure to reduce your ARV 10% for realtors and closing costs and after-inspection concessions.Be sure to account for your silent tax partners- 1) Uncle Sam federal taxes & FICA SE taxes,  and 2) Your state dept of rev taxes, if any. 

Hi Damon,Definitely 1031 exchange, not ready to pay Uncle Sam just yet!

My dad and two uncles run a contracting business so they will help with the repair estimates.  

(Think you getting a formal bank email stating that Zimbanene's uncle in Nigeria inherited 2 Million dollars and needs your bank account to deposit it  in so they can take it out and for your trouble you will get 60K.