So I assume your plans/thoughts/intentions are something the city/county would be ok with?

If you can demonstrate your intent to hold the property then the relatively short hold period wouldn't be a problem if you wanted to do another 1031. 

I've done things for some of my tenants here in Los Angeles that I'm sure would be highly disapproved of by the well-intentioned folks here on BP.

Purchase price: $100,200 Cash invested: $19,750 I bought this property with the intent to flip it but after sitting on the market for 2 weeks, I decided to keep it as a hold.The rehab was $19,750 and took only 12 business days to finish.

I have a construction business and original intent was to do the rehab and turn it into a long-term rental.

If you don't have it under contract, you can't safely approach buyers, as there will be nothing preventing them from going around you directly to the seller.Personally, I have no intention of marketing my properties on Craigslist. 

It's a townhome, the tenant in it has been there 7 years and loves the area with no intention of moving and it is in generally good condition. 

So details can be helpful as to your intentions.

I am hoping to get it at least under contract with the intent to get my quotes together properly, at the same time get financing figured out.As for the seller financing.

I wouldn't ask him where it all came from or what his intent for it all is because frankly it doesn't matter.