I posted my rental ad on multiple platforms (zillow, trulia, zumper, craigslist, apartments.com) and set the rate about 10% higher than the market with the intention to lower it gradually and also my unit is freshly renovated and nicer than the comps.

Not operating as an LLC or other type of business, taxes will be on 1040 Schedule E. 

Hi Darryl, Nice to e-meet you. 

Hey thanks a lot …..I am new to using this platform so I’m still learning the ins and outs thanks for the tips! 

But essentially @Scott E. is correct.

This is indeed an excellent platform for both new and seasoned investors.You will learnt a lot.

When in the past they just e mail and agent who puts them on listing auto notifications I know my inbox is stuff with those in the 12 markets I work.. not necessarily to purchase but to keep up on values.

@Lynnette E.

Hi @Stephen E Drew, the most straightforward approach would likely be to consider 1/3 of the purchase of the new property "boot" and the other 2/3 a valid 1031 deferment.Boot is any portion of the proceeds of a sale that is "taken out" of the deferment exchange or otherwise doesn't qualify.For example, person A sells farm and buys an apartment building of greater value and daddy want a Caddy, so he goes and buys himself the whip of his dreams. 

According to Internal Revenue Code §168(e)(2)(A)(i), “residential rental property” means any building or structure if 80 percent or more of the gross rental income from such building or structure for the taxable year is rental income from dwelling units.