Figure on having six months to one year's worth of carrying costs (mortgage, taxes, insurance, utilities, etc...) set aside in addition to your down payment and any rehab money you need. 

I will guarantee that many successful investors do not carry heavy loads of personal debt such as CC and car loans, it doesn't make sense. 

A weight that most Americans carry for life.

I am looking at selling a property, and 1031ing into a new property.The seller is willing to carry a second mortgage.I plan to close the purchase transaction using the cash from the 1031.After that transaction closes, what happens if I then sign a second with the seller, and he gives the cash right back to me?

As a landlord, I have to carry Hazard Insurance regardless of whether my tenant's choose Renter's Insurance.2.  

Can the seller carry back a 2nd? 

Both through their professional activities and through your ability to go after them if they fail to do so (they carry E&O policies for a reason.)The buyers' agent doesn't cost you anything, he is paid by the seller.  

There are some advantages for him.I have always stated I would give my tenants the first right of refusal if I ever sell.See if the seller will carry your down payment.

All of he 90+ AFUE models we use here carry 9+ year warranties.

I expect to have relatively no repairs needed in the first 2 years that the renters deposit wont cover, but I will carry $100/month from earnings in holding until the end of the year, at which point I will hold and only replenish if I use it.