Two closings, plus all the fees and interest. 

Don't skimp on legal fees because a commercial lease is a very different animal from residential leases.Good luck!

I use Quickbooks and personalized the standard QB invoice to read "Rent Due" and added our late fee policy to the bottom of the invoice. 

However, the fees associated with an Improvement 1031 Exchange (also referred to as a Build-To-Suit 1031 Exchange or Construction 1031 Exchange) would not justify doing so for only $10K. 

Gas, common electric and water for a 2-unit is going to run you between $200-400/month depending on the heating type, the size of the common areas, amenities (dishwasher, washer/dryer), etc.2) 5% PM fee is not going to happen.

I don't think $30-40k in cap gains will matter much to you tax bill, depending on your w-2 income.Over the last couple years I have been amazed at how little taxes are a factor when I report $70k in gains/yr or less. 

That’s my dilemma, the historic value is definitely a factor, who doesn’t think a house built in 1780 isn’t cool.

Don't forget to factor in travel costs. 

And, of course, it's not free - you have to pay administration fees, find an independent trustee, etc. 

The SFH is outside the city limits and taxes are much cheaper and the condo regime fee is a killer.The condo is vacant right now and in good shape to sell.