So your going to hear a lot of different strategies on here however you have to find what works best for you and master it.You will hear all the Millionaire Real Estate Gurus say the #1 most important asset to have in this industry is being able to find deals.In my opinion the fastest way is "Door Knocking" just simply ask the homeowner directly have they thought about or thinking about selling their house period.

I used to do thousands of them back in the day for banks, insurance companies, asset companies etc.Haven't done it in a long time.The experience I can mention is the person you are wanting a value from doing  a bunch of BPO's already or mainly selling properties and making a commission?

My girlfriend and I wanted to buy a single family to live in, but after some researching and some eye openers (thanks Rich Dad Poor Dad) I realized I wanted to start acquiring assets and start my way towards passive income.

Up until 1/1/18 you could also exchange business assets for business assets under some very strict guidelines. 

If temptation is a problem, then locking it into the asset and accessing with HELOC might be better.I personally like having cash ready for deals, and I also used leverage heavily to expand.

we have been selling the assets and moving to notes as we go into our retirement years.. much less risk / if done right.. and no where near the drama of having your PM call you or your tenant.. let others do all the heavy lifting there is a reason that banks are so well off these days.. be the bank .let others do the hard work  :)

Did he expense out the remaining depreciation on that retired asset?

Secondly, at the $45k-$80k price point (If you're talking about only one asset for that price) you are looking at a decent rental.

Once the 1031 is complete you dissolve the LLC and distribute the assets (property to the individual that wanted to 1031 and cash and taxable event to the partner who wants out.The thing you absolutely do not want to do is to dissolve the LLC and then sell the property. 

This is such an outstanding and detailed example of how to create value and generate cash while improving your own asset-truly humbling.