So wish me luck 🙏 I'm excited to learn a whole lot and hopefully meet allot of people through here!

If the home sells for 1.2, that puts him below the 500k capital gains tax exclusion so he walks away with a nice profit and no tax.

So if my annual occupancy is 70% using my calculation, I am doing much better than when they say high season is pulling 70%.

Interesting that things are going up so much more for you in Memphis than in your other markets. 

So many dont file tax returns and if they do, its through non English speaking connections so its a dude.

I find that properties can be priced wildly different so just use the prices as ballpark figures and make sure you can make what you need to make if you are able to price it within the ballpark.

With that being said I don't have a super high limit on my cards and I also am not on promotional terms anymore to get that 0% for 12 months or so.

So I guess that was my lesson number one: all the issues you’ll have with residential agents are magnified in commercial agents and finding a good agent to work with is more vital in commercial.  

It’s a bit complex, so working with a 1031 exchange expert and a tax advisor is crucial to make sure everything is done correctly.

One additional item is that I am planning to move out of my current residence no matter what, so will need to rent/buy for that.