And, in comparing myself to most college graduates (who tend to have, on average, about $29k in debt upon graduation), I'm not in terrible shape. 

Once you have sold the property the owner carry becomes a debt instrument and is not eligible for a 1031 exchange on it's own.However there is a way to still combine the owner carry note with a 1031 exchange.  

A guy in SF with 5 or 6 properties is doing pretty well assuming his debt is under control.Account Closed that was a made up example.

The equity is the difference between the debt and the FMV.  

Dude wanted to trade a beautifully restored 67 Firebird, for a little 3 bed 2 bath house in a very rural area.

I have no credit card debt, just student loans which are paid just like they should be.   

If you are going to finance it, the majority of banks will not lend if you don't have experience no matter how good the debt service is.

I am not sure if I want to do this... we are in our early 60's live debt free...except for college for our youngest daughter...and I am wondering if a credit union would be are best option or other source.Thank youVictoria

The rest of the work, restoring the property to livable condition you can have a regular contractor do at regular rates. 

I will just assume NOI is correct, based off the $1.39MM loan, that would mean $80K in debt services ($6,665 x 12), leaving a $-31.2K cash flow a year, that makes no sense hahaNow we have cash flow for year three, we get a -6.7% cash on cash return, again makes no senseUsing year 3 sale price as an example ($2.48MM) and the 5% cap rate listed, this means annual NOI is $124KDebt service is $80K, leaving $44K in cash flow, can you confirm this?