Account Closed It sounds like they're not interested in really managing the property, so maybe it would be a good time to get them to talk about selling.

I have my broker, but she has some commercial experience, but mostly residential.Is it advised to get a lawyer involved and CPA to analyze the books, etc?

Account Closedas others have mentioned: 1031 is not applicable in your situation in particular and when investing with IRA/401k in general.What you need is a self-directed IRA.

How much interest is your 401K account currently generating?

Once in a while there will be a lawyer involved who wants to make changes in the note.

When you are involved in an industry, it's easy to forget that the layperson doesn't have the same knowledge you do.  

This means that they have the resources and means to complete the repairs and they are experienced enough to determine rehab cost without hundreds other people being involved.

I'm senior in high school and have a little over $11,00 in my bank account.

Account Closed,Lenders typically start their own "wheels" in motion after the third missed payment, but it can still take a while before they get to the point of beginning the process of foreclosure.That said, Brian called it: offer him what he owes  - you decide if you want to give him any more than that as an incentive to cooperate.

Anything over a 5% return (roughly, I realize more math is involved here) on your new investment would net you positive investment income.