The rule is that the replacement property needs to be equal or greater value.So thanks to an old IRS 1031 rule, you can sell your old properties without paying capital gains if you exercise the 1031 and follow their rules.

Did you originally intend to cash flow this property or were you looking for capital gains?

If it's a $70,000 gain, I just "kept/made" another $15,000. 

I am also in the process of gaining a listing from a custom home builder that I called from zillow.

Reason this seems important is that it would help determine strategy of a larger vs. smaller downpayment to increase cash flow or increase leverage. 2nd Question) I've read about "special allocation" of taxes that allows for the tax gains/losses to be distributed in a manner that is not equal to the ownership stake.

Whatever you choose to do, make sure that you gain as much from the project as you can.

What are you trying to gain by the marketing? 

The numbers given by owners and agents may not always be in line with reality.This site is loaded with resources to help you gain knowledge with regards to determining an appropriate offer price as well the NOI (net operating income).Although the raw numbers of the deal are very important most deals have other factors that are worthy of consideration.

These are just a few of the questions I am working over as I decide to invest locally or remotely.My personal answer is to start off locally, to gain some experience and an understanding of how the process works.

i am looking to gain more knowledge on the creative real estate business.