Hello Khurram  i am based in charlotte and have renovated approx 600 houses here... my experience has been a variety of using skilled handyman types to do the bulk of the work and bring in only licensed guys for the mechanical trades (plumbing, hvac, electrical)   most of my projects have been under $30k which has allowed me to GC them myself and pull permits myself on the projects i have needed to (the mechanical guys still pull their own permit underneath mine)     there are good contractors out there... i have always called around... found guys to trust... ask them for referrals to contractors they trust... and continued to build my business that way.    

So a little about myself… I am a full time mechanical engineer working in the aerospace industry.

So after year 1, you can get another loan for around $9,300.If you're looking to get into four houses (say at $50K a piece) and use the loan as a down payment mechanism, you'll probably have to take it out in two chunks.

.- There are some other nuances, not all loan originators / lenders do GoE.Now, as for the mechanics of this... don't buy that home until your nephew is solidly preapproved.

The 1031 mechanics and format are built around the federal statute. 

Private funds are more complex than most realize, so the mechanics and structure are almost always unique.

But will may require you to use draw requests through a title company to pay for the updates as it helps the bank protect from getting mechanics liens filed on the property.

There should be a book and page associated with the lien if it's a mechanics lien or bank lien.

We have been doing this for 35 years so what we're doing something a little bit unique selling the property fully rehabbed with new mechanicals, fully upgraded kitchen w/ granite tops and fully upgraded bathrooms w/ ceramic tiles and putting a quality tenant and the selling the house as an investment we manage the property for three years and we warranty the house for a year houses and guarantee 8% minimum for 3 yrs for around 95k u getting 1k in rent and taxes and insurance around $2500 so around 10% per year.

They will still need to provide you with a purchase contract and you will need to put up some consideration but I expect the mechanics to work like normal.