We purchased our first duplex last year and we are currently house-hacking it.

@Bill B.and @Tylere Weaver, A lease with an option to purchase is a very good idea to give yourself the option to do the 1031 exchange later. 

Read this: https://www.biggerpockets.com/forums/51/topics/1164415-ne-re...Similar situation but related to real estate education costs before a new real estate investor purchased 1st investment property. 

Purchase price: $525,000 Sale price: $525,000 Project Overview: Duplex to Triplex Conversion for Long-Term RentalIn this real estate investment project, I assisted a client in purchasing a duplex and transforming it into a profitable triplex.

Purchase price: $145,000 Negotiated 30k off of ask to increase clients margin on his first flip.

Purchase price: $50,000 Cash invested: $30,000 First BRRR property.

They told us the price of the renovations would be included in the purchase of the home and we were nieve enoough to believe them.

Here's an overview of some common types:Traditional Commercial Mortgages: These are conventional loans offered by banks, credit unions, and other financial institutions to finance the purchase or refinance of commercial properties.

Generally any multi family purchases 5+ units is considered commercial, and although many lenders offer financing, the down payment requirements will be slightly higher..usually 25-35% depending on the number of doors.  

What would it take for them to compensate you to walk away from that purchase after all the work, time, effort, finances you've put into the deal?