For example: 1)they want me to dig out all the flooring in the kitchen and replace it. 2) They want me to dig out the old tub (because it is starting to chip) and replace it. 3) They want me to dig out the flooring and tile in the bathroom and replace it. 4) They want me to repaint the interior. 

@Cameron Rockey have you thought about simply interning with a real estate investor?

In 2009/2010 I did $29,852 of improvements including interior paint, carpet, remodel kitchen/bathroom, new AC/Furnace.

So our HOA general liability policy covers the exterior and interior of our townhomes, excluding personal property.

It is the sale of your property - and using the Intermediary to hold your funds - until you purchase the exchange property or properties.Here is a great summary of 1031 Exchange from my Certified Commercial Investment Member (CCIM) industry web site:1031 Like Kind ExchangeSection 1031 of the Internal Revenue Code allows investors to defer capital gains taxes on the exchange of like-kind properties. 1031, or tax-deferred, exchanges hold great advantages for both investors and CCIMs.

Here in the states I would not have gone to college.The secret, easy, find a program in Europe that accepts international students and convert you degree to the US system.I am from Spain, I have lived in the US for the last 4 years.

Thanks for sharingDo you have any internal photos

All with a value add component - rehab interior to increase rents. 

I do agree that I don't have the capital nor the risk tolerance to buy with property interior sight unseen, nor do I want to inherit a very unhappy tenant.

So, even if the property performs 10% better, the returns on the waterfall can change significantly more or less, depending on what side of the deal you are on.IRR typically looks at the complete lifecycle of a deal which is why it is called Internal Rate of Return.