My advice if you want to get paid for purchasing the property is this: 1) Roll the funding fee into the loan (yes you can do that but just make sure that the numbers still make sense) 2) Negotiate the contract so that the sellers pay for most (if not all) of the closing costs.3) Talk to your loan officer and schedule a closing date that extends your first mortgage payment out as far our as possible.

Extend closings out as long as possible to give your 1031 calendars time to mesh.Third, with the numbers you are looking at you may want to look at a reverse exchange.  

So fix up the unit and get it released, then add up your costs and lost rent (again check with an attorney about any state specific restrictions) and then send that bill to collections.

@Joe McCallJoe McCall makes the most senseThe "wholesalers only" people hate getting licensed, I don't know why but they doThe transaction engineers that can "think outside the box" and offer the seller several solutions, whether it be a lease option, lease purchase, lease with ROFR, subject to existing financing, wraparound mortgage purchase, installment sale on free and clear house, etcYou can always get a traditional listing tooAnd a word about finding the right broker if you're a transactional engineerThe traditional brokerage houses like Remax, KW, Caldwell banker, and the restThese folks want to take sales people and control their activity completelyYou would do a lot better to be able to get your sales license hung with a brokerage that would take a flat fee for your deals and comply with your state lawsRemember, the broker is liable for your businessSo be completely transparent in your dealsMy advice to you if you're licensed and you want to do your own deals Say to home sellers:"I am a licensed agent, I am not acting as an agent in this transaction and I am acting as a private business person"The home sellers sign a release that they understand that

i did not sign a release with the landlord and technically i am held responsible for all rent paid. is this lease i signed with them a binding lease?

If only the note, for example to extend the maturity date and nothing else, then this would not generally get recorded.If anything changes the Deed of Trust, which would have been originally recorded, then any applicable modification should also be recorded.

The tenant then having paid the mortgage I would see profit in the extended future.  

But since my husband keeps running the numbers and saying he's "done" working (and/or he wants to work in Asia :)  ) we need a more considered plan.We're headed back to the US for an extended family visit and are considering purchasing another property in the Denver/northern Colorado area (mainly to help a family member). 

I consider myself very responsible with my money, and have always had the ambition to seek out careers to afford me financial freedom, and to release me from the 9-5 rat race, but have never quite found that niche or opportunity.

That's how you keep my business.The tenants are a much older couple who have asked (and I said yes) to doing a few minor things like installing hand rails in the showers and a sink with an extendable faucet.