Hi,I've identified a property (forclosed then failed to sell at auction)  currently owned by Fannie Mae according to the tax records. 

That way you don't even have to identify the 3 like-kind properties and commit to closing on one of those.To give you an idea of what I did:  I sold my condo around the end of June and while I was wrapping up the closing process for that property, I started really looking hard at some properties in the new location. 

If you have identified deals, post the deal.

In that case it could make more sense to make it a rental and 1031 exchange it when you identify another investment property. 

Have you identified your preferred strategy...ex.

I literally was down to the last day of the 45 day 1031 identification period to find 3 potential replacement properties. 2 of the ones I had identified ended up falling apart, so this was fortunate that I was able to land this property, otherwise I would have had significant capital gains to pay.

If in fact you are able to get $100-125k profit out of the house (factoring the $75 and the 10% returned to you) I think you'd be able to really identify some larger 3-4 family investments that would yield better and have higher economies of scale.

You can identify at least three properties to exchange in to. 

I understand that if you build up a real estate business you want to profit from it, but you have not identified as of this post what exactly you are going to try to do as far as build a business.

Signature line would be: Jane Smith by John Smith, her attorney-in-factIn the premises you would identify her as "Jane Smith (formerly known of record as Jane Doe)" by and through John Smith, her attorney-in-fact pursuant to Power of Attorney recorded, or intended to be recorded, immediately prior hereto...