The only issue I'd have with that is waiting the day or two to find them and get it written up before closing the deal.

After waiting for some time I called them.

Question is: should we try to sell this house this summer and try buy a small multifamily with a 1031 exchange or rent/keep it and wait to buy the multifamily next year with savings?

There is a married couple, with 2 kids that claim they have (570 credit score), that their credit issues are over 5 years old, both are holding jobs for over 3 years, with enough income to cover rent, and they are willing to provide a co-signer.Should I just continue to wait for the application that qualifies completely or should I look into this one more? 

Thanks for your reply, I was thinking maybe i would not have to wait so long to get an equity loan or a Heloc with a good amount of equity in the property.

Had they waited to acquire the property through inheritance then the cost basis of the property would have been stepped up to the market value at the time of her death.

If you’re living in one side of the property you don’t need to wait a year to rent out the other unit.

The rent collected would offset the rent I pay in CO, giving me time to wait until the market softens here before I buy.

You may make really good money this summer (and that’s really good money) but a bank is unlikely to give you a loan if you don’t have consistent income, or a co-signer.So if you wanted to buy anything like a rental you’d likely have to wait until after you graduate and got a full time job.  

Also was wondering if I should wait till I have more rental income to create an Llc.