I really believe that I am up to the challenge and that my experiences as a soldier have given me many skills that will enable me to become a successful real estate investor.

There are a number of qualified and knowledgeable CPAs and attorneys on here - reach out to a few and see who is the best fit for you.

Ask your lender about these programs and if you or the property qualify for them.Rental Income - It would be nice if the rental income was used to qualify you but it may not be necessary on your income level. 

Also, ask if they use rental income IMMEDIATELY to qualify you for the loan.

We keep getting told that because we are first time homebuyers and eligible for FHA loans for $250,000 and make less money so we also qualify for down payment assistance programs, that we are smart to invest in real estate.

And the one sister's daugther and her boyfriend are in one bedroom in the basement and her two kids in another bedroom in the basement.We'll see if the tenant can qualify for a loan or not.

If you are asking if you can use the proceeds to pay down the loan, it would not qualify as a 1031 exchange.

According to the IRS as 'Disqualified Person' you are forbidden from providing good, services or facilities to the qualified plan and you clearly violated this rule.

The identification must be in writing, signed by you and delivered to a person involved in the exchange like the seller of the replacement property or the qualified intermediary.

All Contractors are subject to the lender’s determination that the contractors are qualified and experienced, have all appropriate credentials required by the state, are financially able to perform the duties necessary to complete the renovation work in a timely manner, and agree to indemnify the borrower for all property losses or damages caused by its employees or subcontractors.Multiple Specialized Contractors: Since this is a limited repair/renovation program, no General Contractor is required.