If I adjust for three of the units paying their own electric than my approximate electrical usage drops to $2066 per year which increases cash flow to $5,248 annualy.Here are my numbers as they currently stand:  Assumes $700 mo for the owner occupied unit than 500, 550 and 350  monthly.All tenants are on a month to month so I am not locked in with them so if they don't wish to pay their own electric I can move new tenants in.InputsResultsPurchase price:$105,000Down payment amount:$21,000Scheduled monthly income:$2,100Total out-of-pocket expenses:$22,200Other monthly income:$0Vacancy rate (%):5.00%Debt Service Calculations:Number of Units4Blended rate:5.500%Financing information:1st loan amount:$84,000Down payment (%):20.00%1st loan monthly payment:$4771st loan portion (%):80.00%2nd loan amount:$02nd loan portion (%):0.00%2nd loan monthly payment:$01st loan interest rate:5.500%Total annual debt service:$5,7231st loan term (yrs):30Amortization (yrs)301st loan closing costs:$1,200Income and expenses:2nd loan interest rate:0.000%Gross scheduled rental income:$25,2002nd loan term (yrs):0Gross other income:$0Amortization (yrs)0Total gross income:$25,2002nd loan closing costs:$0.00Less vacancy:-$1,260Total annual operating expenses:-$15,114Operating Expenses (annual):Net Operating Income:$8,826Real estate taxes:$2,300Annual cash flow:$3,103Insurance:$900HOA dues:$0Management fees:$2,640Rates and ratios:Legal expenses:Capitalization rate:8.41%Marketing:Cash-on-cash return:13.98%Landscaping and snow removal:$0Debt service coverage ratio:1.542Maintenance and repairs:$1,320Reserves:$528Other Calculations (precise in one-loan scenarios):Supplies:Minimum desired DSCR:1.2Other:$0Purchase price to support minimum DSCR:$134,935Landlord paid utilities (annual):Average Cap Rate Supported (based on local area):9.6%Garbage:Water and sewer:$2,052MAXIMUM purchase price to support required Cap Rate$84,730 Electricity:$4,210Gas:$1,164Phone/Cable/Internet:$0

@Mike Kalob, Coming in with the perspective of one who did my first exchange for myself in 1999 as well as a provider of them for clients over the last 19 years.   

I am offering my time in exchange for networking.  

@Brian StevensConsider selling the 5 plex and doing a 1031 exchange and buying a 10-20 plex.

Are you aware of more precise areas?

Hi @Ella Miller,We are vacation rental property managers and relocated from Miami to the Kissimmee area near Disney for precisely the reasons mentioned above.

Multifamily syndicated securities offerings can be structured many ways so whether or not a lender would view your securities as valuable would depend on the duration of the debt instrument they're using the collateral for, whether or not a secondary market exists to exchange said collateral for cash, how marketable the securities would be without a secondary market given how the offering is structured, etc.  

Howdy All,So it looks like Biden is going to limit the 1031 exchange, if it passes.

I am selling a small commercial building for 500K and would like to do a 1031 exchange.

That is precisely what I figured re: loophole, and since you have successfully done several I defer to your experience.