In the past I've been concerned with 1 bedrooms as it feels like a limited renter's pool but I've been proven very wrong in this thinking. 

BP has proven to be a great source of information and has plenty of knowledgeable experts.

A 1031 can't be used for flips, for example, as those are considered business inventory for tax purposes.In your case, it sounds like your intent is easily proven.

@Andrew Y.As you have an installment sale for tax purposes, you won't recognize the $26k of gain immediately.Each payment contains a return of cost basis component, a gain component, and an interest component.Encourage you to work with a tax CPA/EA if you're not comfortable determining the components and reporting requirements (Form 6252).

We chose all of our furnishings based upon what reviewed the best, specifically focussed on mattresses, high speed internet, flat screens, little amenities, anything that had a proven track record of getting high reviews.  

I commend you for recognizing this and taking action to set a better course.There may be BP members in the San Francisco area who can give you referrals for both attorneys and property management companies operating in your area.

As long as you continue to own that property there will be no recognized gain.If you later sell after you have owned it for a total of 5 years and have  occupied it for at least two years then you will have to recapture depreciation at that point but you will get to take a proration of the gain tax free for the years you have actually lived in it.Example - You do a 1031 and purchase a property using it for investment for two years. 

Since this would be my first investment deal, I feel I'm missing something, and want to know what to be on the lookout for.Here's the facts:6 family home in a b/c class neighborhood, with a lower than average crime rate100% occupiedRenovated 4 years ago Population is steady, jobs are mostly in health care and warehousing/distributionBuilding is older (1890's in a neighborhood mostly built in 1940's)County is about 100,000 peopleLocated right in the center of townI recognize the property may be worth less because of its age, but certainly not 40-50% less, especially when it was renovated a few years ago.

Here are four proven ways to boost your business.Make New ContactsIt’s all about whom you know.

So that would then mean that you could only put properties under contract that you can/could afford to close on...or at least to maintain a clear conscience that you are doing something ethical.In theory wholesaling requires little or no money, but you really shouldn't be doing it without cash to close or a pre-approved mortgage for $x that you could tap.I get it that it may be rare, but at least starting off, you won't have a large, (proven) reliable and buyer network.