We live in an instant gratification society.

I would probably not pay you full rent and be looking for a new place instantly.

I stumbled upon the bigger pockets podcast series looking for a valuable way to use my morning commute and instantly became hooked.

Thanks for the excellent post.We love instant gratification, who wants to work for anything anyways?

I'm not sure that the IRS has put an exact timeline on how long you need to hold it for, but the intent is that you would have income through appreciation or rental income, not by instant sale.Also, in a 1031 exchange, the entity that sells the first property needs to be the SAME entity that buys the next property. 

To an agent, that means fast paydays.

I own an electrical contracting company and want to do that and real estate but not have to worry about when my next payday will be. 

In the beginning unless you are a superstore the paydays are far and few in between but as you learn more you will make more and more.

National Banks have procedures that they follow when selling foreclosed homes - It isn't the same as dealing with an owner who can review you proposal and instantly make a decision.

To get that the note buyer would offer $57,458.67.Even if they would take 7% they would only pay $63,370.28.Offer to buy him out for 65k and get an instant 35k in equity,  not bad for a days work.