Do we need to go through the whole condemnation process to qualify the transaction for a 1033 exchange?

Good luck to you. 

If you cant turn a decent profit on a monthly basis, it's not a great long term play and you should sell the property.  

You could pull some cash out to do the renovations and then refinance on the ARV once its done in 6 months and take out more cash to buy another investment home or rent that one out and buy a New primary home.If you have any questions on the steps or the process feel free to reach out or send me an email. 

I think it would be a disservice to all of the consumers who utilize BiggerPockets to learn and network with professionals and service providers to not have this new information given to them.Bob Prisco (aka Bob Stevens) actually utilized a 2nd BiggerPockets profile from 2018 to 2020. 

Stanley - I would suggest that you go have 3-5 conversations with lenders and understand how much they are willing to lend to you given your financial situation.

You have to crawl before you walk.

Aside from disclosures, which I think can sometimes hinder a purchase or a sale, it's a lot harder to play dumb as a seller when you are a licensed professional. 

@Karen Seguin, it all depends on what you are trying to convey to your tenants.At minimum, any welcome letter should provide updated contact info for maintenance requests and mailing address for rent payments, and if the legal notice address is different than lease, include that.This can also be a good way to politely remind people of any general rules that you expect them to adhere to.  

You just need to know how to background check your guests and how you want to accept payments.