If we were doing a more complex, more time consuming rehab, we would look more closely at a General Contractor.

The benefit of an exchange over a taxable sale is that the amount of money that might be used to pay taxes on a sale can be invested in the replacement property instead which usually allows the exchangor to acquire a more expensive property.Not all states recognize a 1031 exchange so there may be state taxes due on the sale of the relinquished property on your state income tax return.

If you can do better elsewhere give the owner notice and find a more affordable place.

Yes, I would aim for a net income after expenses to make it a more apple to apple comparison.

I had hoped to count rental income, but I can understand building credibility/experience and showing positive rental income for a period of time.I had an idea of a more effective plan, which is alternating between flips and paying cash for a rental.

I wholesaled the deal to a more experienced investor, but the hard money lender charged $5000 for granting a week extension for the trustee sale.

Greg,This is a more complicated question than it first seems.

Time frame is 3 yearsExit Strategy 2:If area continues to boom due to bounce in the economy, keep the property and the business, after apartment upgrades then refinance loan to a more stable rate.

(SYSOP, I believe this thread should be moved to a more appropriate forum)Jim, I just formed my LLC this year and transferred 2 rental properties over to it.

This is not only a great observation but great question.For me personally it started when others wanted to know what I knew that allowed me to achieve success in a fairly short period of time.Over time, the number of people wanting my assistance actually got to be too much and I stopped "mentoring" and yes I was charging... probably not enough.Once I sold off most of my portfolio I did want to continue to "coach" others and that is how I got started with a more formal programHere is the really interesting part... once I headed down this path I was amazed at how much more precise I needed to be when helping others to succeed.