Having multiple properties minimizes downside risk of vacancy, natural disasters, and you don't have all your equity sitting in one place, which is a target for lawsuits.  

In order to minimize my tax liability, I was thinking I could 1031X the profit into another property. 

Right now, we have minimal expenses but will later on buy a domain, pay for Gmail Business ($6/mo), and pay a RE lawyer to draft an operating agreement, among other costs down the road. 

My hands-on experience with RE is minimal - I purchased a foreclosure in 2009 and renovated it with my father.

The issue is that this can become very burdensome if you don't use the right assets, but when done correctly it only adds minimal expenses and can actually help organize your portfolio.The other thing that investors who are scaling up or working with large investments is to separate their operations from their assets.

She recently found out that she will be taxed heavily on the sale and is looking for ways to structure a deal so that she minimizes the tax impact.

All too often a big house (the dream) is paired with long commutes and stressful jobs which minimizes the time away from home and what really matters.The wealthy don’t attempt to keep up with the Joneses.

NNN leases benefit the tenant significantly- the rent increases are usually minimal, and the lease terms are often long. it’s almost like a form of rent control.

- Find the most useful accounting software (Freshbooks seems good so far)- Begin learning the PlanSwift estimating software- Research local real estate sales and land availability- Meet up with the accountant and get the business structure in place- Meet up with a family member who just graduated interior and structural design school and hash out a great floor plan- Get a few polos and t-shirts printed with the company logo and pass out to friends and family who have been supporting this endeavor3-6 Months- Meet with mentor and begin shadowing and learning the ins-and-outs of general contracting- Meet with plumber about partnering up for a spec build- Meet with realtor and begin searching for a great piece of land- Meet with lawyer and setup some of the more mundane boiler-plate contracts- Research local material companies, lumberyards, etc and begin setting up relationships for purchasing materials- Go to the county permit office and learn the processes and costs for applying for permits6-12 Months- Acquire a piece of land to build upon that has been soil bearing and perk tested, in a good location, and minimal tree/brush clearing if possible- Provide the architect with the floor plan and house design so they can stamp and complete the plans package (foundation, joist, floor, electrical, mechanical, side, site, roof, and detail views)- Finalize partnership with plumber and get contracts in place for how funds will be managed- Finalize partnership with mentor for sub-contractors and get contracts in place- Get a building permit!

A $5000 deductible would mean I'm basically self-insured for minimal things other than a fire or major roof failure.