@Basit Siddiqi, are there any formalities I have to follow to declare the loss? 

Thomas, if I knew nothing about credit, I would just follow your model on the 650 fico, the law of averages not only favors your methodology, but the elegance of it puts you in a better spot, should anyone make a claim you were acting discriminatory.

When you connect with people at networking events, make sure to follow up with them to keep the relationship going.Keep reading everything you can here on BP and read as many books as you can.

I can honestly say the negative experiences turned me away from trying to follow my parents’ footsteps but I have returned full circle and have decided to think outside the box and put the negative memories behind me (not forgotten though).

4) Following this process, what are the biggest hazards I would still be exposed to?

(This is often the case for small landlords.)Here's an article from a CPA on this very topic:  Small Landlords Not Required To File Form 1099.In the end, I'd suggest getting tax advice specific to your particular situation from an actual tax pro, and then following that advice.

@Josh Nix - Thank you, I will follow with you! 

Most folks feel comfortable with anything over a year.Also, the statutory order of the 1031 is sell followed by buy. 

Follow up question: As I was reading the instruction booklet, it states that I need to pre-pay at least 90% of the estimated tax no later than December 15 of the current year or I could pay interest and penalties. 

If you are interested, reach out to me and I will follow up.