But even if you were to move forward with the 1031, you will need to reinvest all of your equity (not just your gain), all of your debt value, and trade equal or up in value based on the net sales price of the relinquished property.

I'm just trying to make sure I'm not missing some vital step.

@Alan CrookhamIf you want to get fancy, you can do it on a Spreadsheet like this:Column A&B says that you paid $80k for the Investment, put down 20% which equals $16k and mortgaged it for $64k.

All agents are not created equal with regard to working with investors.

I simply want to make sure IRR is 15-20% for my first apartment deal.I understand IRR is the unique rate that makes pv of cash inflow equal to initial. investment.

If you plan to hold long term, it will all equal out.What is covered by the Electric expense?

Maybe ask for $2000 for any deal you bird dog and an equal amount if the deal closes. 

Property would be a great deal at $750k, so if total payoffs equaled $700k or less, it would be worth pursuing in my mind.

@Ralph AceOld home usually equals not much insulation.

While you are somewhat correct on the limitations of a annual 401k limit, there are other after tax savings / investments that are equally important.