If you have good credit but little savings there are programs to help individuals fund a down payment and/closing costs.

For tax years beginning after December 31, 2017, and before January 1, 2026, the personal casualty and theft losses of an individual are deductible only to the extent they are attributable to a federally declared disaster [IRC Sec. 165(h)(5)].

Any early nonqualified use will forever taint the property and some portion of the gain will be taxable (unless a step-up in basis occurs under IRC Sec. 1014 after the death of the taxpayer)When sec121 qualified property with non-qualified use is involved in 1031: (non-qualified period tacks on)Depreciation: In other words, where a taxpayer's residence is the relinquished property in a tax-free exchange, any gain attributable to depreciation deductions relating to the residence can be deferred until the taxpayer disposes of the replacement property received in the exchange.Gain: The Code Sec. 121 exclusion has to be applied to gain realized before applying the nonrecognition rule of Code Sec. 1031Illustration 1: A, an unmarried individual, buys a house for $210,000 that A uses as his principal residence from Year 1 to Year 5.

Here is a platform (BiggerPockets) to definitely connect with those individuals – if they offer the services you are hopeful for. 

It's challenging as it is for a newbie, but in a sellers market, you're competing with more experienced buyers that beat you out with no contingency offers.

Competing properties which are closeby rent for the low 1000s albeit with updated interiors.

I AM asking for help from some individual in looking through the specifics of this deal, or someone who can point me toward a calculator of some sort that combines the househacking/STR combo that I am considering with this deal.*** I have been browsing these forums and binge-watching YouTube and BP Podcasts for the last ~4-6 weeks and my wife and I are both on board to try our hand at real estate investing.I believe I have found a deal that works for us, but would love the opportunity to talk through it with someone who knows what they are talking about before pulling the trigger, because it seems like it is a bit outside nearly all of the examples I have seen other people describe as their first deals.The property has a house on two and a half acres that also comes with three rental cabins (they are currently being used as short term rental units).

Often times they have foreclosed properties that are being auctioned off or you can check the probate records and reach out to those individuals who have inherited property from a deceased family member.Hope this helps, let me know if you have any questions!

I'm not super in a hurry to do it again because of how high the transaction costs were and the other investment competing for my dollars is that total stock market index fund which has $0 transaction costs, .04% management fees, a decades-long track record, and all I have to do after buying is...nothing at all.

If all they can find is the property in the LLC, it may not be worth the additional hassle of trying to force a sale of the property to collect on their judgment.So, they’ll research who owns the LLC and what assets that individual has.