The one point that I wanted to make sure was understood is that the improvements, whether paid before, at or after closing must be paid under the control of the Qualified Intermediary and the corresponding improvements must be completed before you take title to the property in order to be counted as "real property" for like-kind property requirements and qualify for tax-deferred exchange treatment. 

I have no idea what your dad's expertise is, an accountant familiar with inventory and process accounting along with inventory control can probably safeguard your money, if they are good.  

If iFunding, how did you gain control? 

BTW - May everyone have a prosperous New Year!

I also live in CA and prices are out of control.

Before i go in and try to take control of the property, should i do an assement, title search, etc.

I would love to try to control it if there is a possibility of making money.

You can buy the 2rd but still not have control of the property or be able to buy out the first morgage with enough equity to make a profit.

Well Brenda,I think we are as happy to have you here as you areto be here.We really welcome mortgage professionals becausethere are lots of people who visit here who needtheir services badly.Hope that you do well and prosper.

I'm interested in turn key properties and not fixer uppers (painting and carpet is fine, and minor repairs I can deal with) no major fixes though.My goal would be to acquire control of properties and rent these properties and produce an income after my expenses.This would be the price area:$50,000 per home single fam. residential 2-3 Bed bungalo, rent for $700-850/month.