I plan to go meet with the SLC Zoning/Permitting office to learn all I can, but thought I'd reach out here first. 

Hey @Dave Foster, as someone who plans on selling on a 1031 exchange in the next 12 months, I have a question:  in the scenario for the buyer you outlined above, it doesn't seem particularly beneficial to the seller, because if they keep the note outside the exchange they're paying taxes on a boot that they wouldn't have if they got a different buyer who could meet their price, or they're having to replace with outside cash the note inside the exchange.If I were the seller (and like I said, I will be in the next 12 months) I wouldn't like either of those outcomes. 

The mortgage servicer is putting it up for auction so we plan to buy it there.

Would you lend your own money to someone that is planning to buy an investment property, but has no experience managing one?

Unless you were planning to do them anyways. 

We plan to sell and use the $500k exception to the capital gains taxes because we lived there for two years. 

The plan is to use the cash to brrr or flip a couple properties. 

Do you have any specific questions?

Hi,My wife and I have been working on a plan to turn investment properties into assisted living homes in Colorado.

(I'm an estate planning lawyer - not an insurance agent).That being said --- you really need to sit down and understand your goals before you get advice on what vehicles you want.Insurance people will tell you insurancelawyers will tell you to set up a ton of LLCs and trustsNone of these are correct if your goals don't align.