I am 37 and work in the medical field but have always loved all aspects of real estate.  

Sec 121 of the code provides that if you live in a property you own for 2 out of the previous 5 year period you may exempt the first $250K in gain (500 if married).  

You would be exempt from paying tax on the proceeds since its your personal residence meaning that there's no need to 1031.Good luck finding your next property : )

you will lose some tax benefits of being a homeowner like the capital gains exemption. 

One has been pre-qualified for enough to cover our first deal (150k range in Mass/RI). of the other partners one is in the army and will be deployed soon, another will be starting medical school in august and has no income, and I currently work under the table.

Now looking at new project...On my bucket list: medical/prof'l bldg, vacation rentalShopping center, neighborhood rejuvenation projectNot really interested in multi unit..but who knows.

BIG difference in regular retail, medical, office rentals as far as tenant demands and rent per sq ft.Also it is important to know if this use type is in demand, neutral, or over saturated for your area??

There is a transfer tax due on any property transfer in Pennsylvania, unless the transaction is one that is exempt.

I want a borrower that--Has 2 incomes-White collar or business owner -Solid industry, I love medical hospital with too much debt-I like hospitals, esp teaching hospitals-I want credit problems that are fixable over 2 years with good prudent FICO coaching.

A real estate portfolio of shopping centers, motels, office complexes or medical buildings is very different than single family dwellings.