Anyway, Lex is one of the markets close enough to me that I could potentially invest in when I'm ready.

Investment Info:Single-family residence buy & hold investment.

If you have people with land and cash they want to put into service and invest help them do it.You also need to value the work at market value like you would any other project so you get paid to do the work.

If you were to add a full bath room that would be a better investment.  

- Properly document your rental income on a schedule E and report it to the IRS.Connect with an Investment Friendly Lender- Not all lenders are equal.

We are stable long-term tenants and would prove to be a good investment choice.

I’m very green and brand new to real estate investing so I wanted to make sure this was something actually feasible.

I study a given market's supply, rental rates, comp properties, etc. for a few months to truly understand the MTR market before I choose to invest there. 

Under 1031, however, you must use your tax-deferred gains from the sale of the rental to purchase another investment property (or more if you'll be making a killing).

There are always options, and it’s just a matter of finding the right fit for your investment goals.Best,Drago