A 1031 defers paying taxes but a primary residence sale removes the tax liability from selling up to a certain dollar threshold altogether. 

Hey @Michael Baum, we had previously depreciated some stuff but ended up with a return of about $25k.

@Michael PaywalaI am a multifamily investor located in Greenville SC.Always looking to buy more apartments.Maybe we can meet up when you are in Greenville sometime.Arn

. - along with inconsistent incomeTo be honest this person should not be investing in real estate and focus their time and energy on getting a stable w2 or income and get their credit cleaned up first

I’m finishing up a multifamily rebuild and am looking for my next project.  

I haven't really investigated yet but was curious if they were something I could do to build up capital. 

Should I set up an LLC, open checking account in business, and use this for collecting rent and paying morgage/expenses?

Yes, it's a 10-year declining dependent up on your term length and amortization period:  What You Should Know About SBA Prepayment Penalties | Pursuit (pursuitlending.com)

Sales are up 6.3% YOY through July. 

I just signed up for the boot camps, so hoping that helps but very appreciative of any advice. :)