I might be wrong but I am assuming the houses are also appreciating just because of the overall housing market trend but I believe the university is also expanding, thus increasing property taxes.

These include irregular but inevitable expenses, such as vacancy rate, repairs, maintenance, accounting, insurance, property taxes, and property management.

Normally, anything at a bar and for real estate investors is a good networking venue (also drinks can be tax write-offs).

Memphis is a great market to invest in but there are places and properties you should avoid.

I’m an engineer that makes a little bit over 100k before taxes and my credit score is 688.

Talk to a tax professional.

How much tax prep does a bookkeeper do? 

This puts us somewhere between 18-27mo pending sale.Land Acquisition: 1M + 50K in closing costsHard Costs:Demo: 50KConstruction + Architectural Plans (survey, topography, permitting included) = 1.6M + 80KPool: 100KSoft Costs:Appliance package: 50KFurnishings: 75KLandscaping: 20KAnnual Carrying Costs (utilities/property tax/maintenance): 45KTOTAL: 3,025,000.00 After speaking with two lenders, it seems the best course of action would be to put 20% down on land for 12mo/interest only.

If I sell it outright for cash, does it invalidate the entire 1031 exchange or do I just pay tax on the 25%? 

I may however discuss collecting for the pet damage now but not fixing those items until they move out to avoid them having to repair the same items again since the pet damage is likely to reoccur.