Don't over complicate things and get caught up in analysis paralysis. 

Detailed annual expenses include: vacancy rates, specific tax rate, 10% for property management, liability insurance, sewer, electric and gas, snow and lawn care.

@Orlando Davis I might be interested or have an investor who is, will you send me the details?

Reach out to me, I can share with you comprehensive House hack analysis and NI calculation spreadsheet. 

@Sam DalYou need to set this up in a bigger pockets analysis chart so we can better have an idea

I don't know the details of a Land Contract.Your W2 comment makes me wonder, can I write off both the interest as well as the loss (diff in mortgage and rent?)

The inspection will tell you a lot of details on the quality of the house.Analyzing the numbersBased on the numbers it looks like its close to a 1% deal$600/$55,000Where $600 = monthly rent and$55,000 equals cost per unit(I am counting this as a 5 unit moreso than a 6 unit) $275,000 / 5

In Rev Proc 2000-37 a safe harbor reverse exchange was codified.I've got another 10,000 ft analysis of the reverse I'll send you to see if that clears things up. 

@Andrew Postell Thank you so much for the detailed response.

While I was doing my due diligence on this process, I found some difficulty getting details on what to expect so wanted to share my experience as a data point in hopes of helping others who may be going through this process.