The lender is willing to do the 80% LTV as normal and let the seller, my partner, carry a 20% note for the 'down payment' portion.

I know we need to decide but I am just trying to see how it is normally structured.

Lifestyle-wise we are not interested in house-hacking, but with the right multifamily unit we could owner occupy and be happy.

My goal is to supplement my income sufficiently that I no longer have to work OT shifts and can enjoy a comfortable life style with my wife while living in Southern California.My interests in real estate are rental properties for both long term holding and short term rentals, multi-families, and flips.

Normally this boot would be taxable but since you qualify for the 121 exemption your accountant files the appropriate form with your tax return and that $500K is tax free.Meanwhile the remainder of the gain ($300K ish) and all depreciation recapture go into the 1031.  

My agent is treating it as normal, is it normal?

I liked going to Las Vegas, but normally stayed on the strip and the casinos.

I normally work in the upstate of sc but let me know if there is anything I can help you with.

It will work fine, and then it looks normal.

21 years ago, I did EXACTLY what you mentioned in your first post.... bought a 2 family building in Brooklyn, lived in the basement and rented the other 2 apts, did not have cash flow but at least broke even.Back then, I bought the property for $340k with a Mortgage of $272k, fixed.That Mortgage is nearly gone and 21 years of rent appreciation has given me a very decent cash flow as the rents rose way above my mortgage and other expenses.This is NYC, it is normal for Market Rents to rise very consistently for a long period of time, barely dipping.That house is current worth $1.7 Million conservatively.