Not to mention points on the mortgage if you're doing a private lender (though I don't know any private lender giving 7% at a 30 year term to someone with 0 experience, and I'm also not sure what the point of splitting the difference between FHA and private lender is...you're either doing one or the other....)I'd put the cash on cash closer to 4-5% on this.

Doing a 1031 was mentioned, but isn't applicable because this is your residence at the moment.If you paid $60K+$8200 improvements + purchase closing of $5K your basis is $73.2K. 

That being said, it is worth mentioning that if you provide a value or service, you should be compensated, regardless of the income class.

:) In all seriousness, I value everything you mentioned in your reply.

There seems to be only one side of the real story that's being told.I won't even mention the difference in how many evictions he did while I had ZERO evictions during this time.

It could have been that one property manager and I really have no problem knocking on doors but like I mentioned I have the best renters and I live in AZ which is a very landlord friendly state where it only takes me 20 days to evict a non payer and I do not need an attorney.

A lot of people mentioning the $10K you'd save by doing a 1031, but I'd go one step further and say that it's even more about future value.

My company (Holton-Wise) for example sell offers a turnkeyesq service where we broker deal & then do everything you mentioned above in house.

Michael Frankel all good points mentioned here.

I would love to connect with you and discuss your thoughts about the "entrance" and "exit" concepts you mentioned.