When that property has been involved in a 1031 exchange and then converted from investment to residential there are a couple of other hoops you have to jump through.  

Sharks will take 70% of your income but it is exchanged by experience and a flip inder your belt, repeat 3-4 times and someone would start listening.

Originally posted by @Brian Gibbons:don't be a one trick ponyUse sub2s, lease option assignment, JVs w sellers in minor remodels in addition to wholesaling Make money every monthApril thru August is the time to crank it I am targeting sub2, cheap rentals, wholesale, 1031 exchanges, mortgages, anything I can get.

For example, in exchange for his hard-won knowledge and advice, you give him a small percentage of your first profit.

Perhaps you could ask an investor friend in your local area who has done this type of work to give you a hand (once the tear out is complete) and to supervise what you're doing in exchange for dinner/drinks/pizza/etc.

A few tips for the newbie in exchange for coffee at Mylo's?

I don't much experience in Trailer homes/land; but a friend has a little apartment complex by Alameda with some land to that sits 4 trailer homes; I think he is doing better by renting the land to trailer home owners because he doesn't deal with maintenance; probably that is an option for you to consider.Let me know when you are going to be back from Midland/Odessa and I can probably coordinate time with my friend for you to exchange trailer homes/land experiences.

Hi Tom Feret - did we exchange e-mails awhile back?

I'm now living at/managing the complex in exchange for little to no living expenses.

My thinking is regarding 1031 exchanging properties until I build up a net capital gain of 500k then live in it 2 years to sell it tax free.