Before reading your post, I spoke with them as they are used to doing Subject To deals and they said that the policy holder would switch to my entity name with the mortgagor's name as secondary - I am interested to see what their feedback is with your suggestion -- as your approach seems to send less "red flags".

I'm looking for a small multifamily in the area to live in one unit as an owner-occupant and rent out the rest of the property.Any suggestions and advice will be very welcome.- Nicki in Philly

Though I wouldn't suggest that as your only method of making money since the amount you'll get paid will not be very high. 

Thx.My best suggestion is to look at Airbnb comps to see if there is demand in the area your son's house is in.

Either the deed passes and your 1031 has to start at that moment, or a contract for deed is signed as he suggests and that too triggers the start of the 1031. 

@Troy Gandee thank you for your suggestion.

There's a cost converting to, and another cost converting from.I would suggest that if there's a large enough capital expense to set it up, but it doesn't quite work out the way you hoped, just keep it anyway and eat the costs.

I would suggest the following:1.

As for your saved up cash: I wouldn't put all eggs in one basket, as this article points out: https://www.biggerpockets.com/blogs/10850/76519-do...Aside from diversification, there are various potential passive investing strategies and some have already been suggested by the folks here.

As @Melvin List suggests you need to find a local broker to do the foot work for you.