That house is now in its second month of returning $1100/month net.I'm ready to make real estate investing my full time job in 5 years, with my biggest interests in small multi-family (2-6 unit) buy & hold rentals in the Austin-San Antonio corridor plus Houston, and will probably feel the bug bite again to take on another BRR project as the second or third house (let a gal rest for a minute!)

You will have to keep 20-30% equity in the property and cash out the rest.

Construction is not even close to keeping up with demand a far as CA is concerned, I don’t have data on the rest of the country but my guess is no generally speaking.

That means to claim a full $25,000 you must make under $100,000.My advice on a vacation rental that you wish to rent out, never use the property more than 2 weeks in the year and keep it rented the rest of the time.

I do plan to move out after my first year and claim the rest of the income that I am missing by living there. 

First focus on getting a deal under contract and then put the rest of the team together.

I’ve spoken to county officials and lots of contractors, but still unsure how to proceed.

But when you take possession of the cash it will be taxable but not affect the rest of your 1031. 

cool strategy using the rest of the portfolio!

I spent an additional $400 to purchase some additional skirting materials, I was able to use the rest of the skirting that was already on the house.