Which is why every time you do a 1031 exchange your accountant files a form 8824 which takes the adjusted cost basis of your old property ( profit and depreciation) and carries it forward to the new property.

It teaches you all the nuances of being a landlord, you'll experience a lot of things you read in the forums first hand, if you buy the right deal you can save money and dip your feet in investing with a little less risk than a non owner occupied property. 

There are pros and cons and I believe not worth it.....just properly maintain your property carry $1m in Durante, sleep well.

Office Depot used to carry them as well. 

Knowing nothing about your market, if you have done a good job screening and lacing your new tenants, the market clearly supports rents at the $700 price level - now it's time to get a plan in place to get the rest of the occupants up to this level.Consider making a plan for getting the rents to market level over the course of six months or a year - whatever time period best suits your risk tolerance and go for it.  

Since you are a pro, use the calculators provided under tools to help but here is my quick rundown on a post-it:Buy = $80kRehab = $30kHML Points = $3kHML Interest = $3k (assuming 90 days held total)Holding Costs = $1,500 (assuming 90 days electric, gas, water/trash/sewer, builders risk ins, prop tax)*Selling Costs = $10k (6% relator fees, 1.5% closing costs)Sale Price = $135kProfit = $7,500*I am taking a very high level guess on your holding costsFor me this is WAY too thin of a margin.

You’ll want to see how that affects your insurance premiums and ability to get insurance because it can make it more difficult.I’m with Cody, I carry high deductible insurance whenever possible Cody L.

She needs to get insurance or be foreclosed on...that should have been a term in mortgage...I have never heard of a property owner on a seller carried loan being lent money by the lender to acquire property insurance...that just doesn't make sense in any capacity.

I like to carry the keys with me at all times in case I find myself needing to go to one of my properties for a repair etc.

Some thoughts that carry.