BP thanks again for your contributions! 

The forums have a wealth of knowledge in them and it's a great place to learn as well as contribute.  

If so, the lender might demand a seller contribution of $10,000 at closing.If there seems to be anything fishy about the tax returns, the lender will use the 4506 form to order a tax transcript from the IRS and compare it to the tax return submitted by the borrower.The borrower must also order an appraisal.

Calculate the amount you would pay in commissions on the flip sale and that's essentially his contribution.

In the future please try to contribute to the conversation not just sell whatever it is your selling.

Congrats on the deal and great advice from all contributing!

@Steevee Reroma good call on the Roth IRA - you always have the option of pulling out what you contribute without early withdrawal penalties other retirement accounts have.

If the mortgage on your new property is less than $50, you will owe taxes on the difference.You may contribute additional equity or take on additional debt and still qualify for a 1031 exchange.

They contributed to their 401k for a few years to get some funds built back up.

Starting to read on tax implications, the reality of having a property I have to rely on management companies to run, etc.Again, looking forward to learning more and hopefully at some point start contributing to the discussions here as well.