As long as you own that property the capital gain taxs you deferred in the 1031 will stay deferred.And there will actually be the opportunity to start to eliminate some of the deferred tax once you have lived in it for at least two years and have owned it for at least five years.

I know when I become an expert the money will follow, I am actually fully prepared to make no money my first year (though I will work my *** off to get my first deals).

You say there are no liens on the property but did you actually have a title search done and reviewed by a lawyer?

Was thinking about Reno/Tahoe area too actually,- my daughter goes to UNR,- and Reno - Tahoe proximity cannot beat - especially value of properties in Tahoe area on both size of the state border compare to Reno,-)…

I would want to see actual bank deposits (not a quick books entry or excel sheet).  

I guess if want a realtor who has done this a lot, but everyone starts somewhere, and sometimes people learning a market are more motivated to work hard. 

D let me guess, they have a aol, hotmail or gmail account as well....

Unfortunately there are quite a few folks in the same boat.The link takes you to the editor not the listing itself, so update that if you can.I guess you need to decide if you want to keep losing cash each year hoping for improvement.

I had just come across a section 8 strategy video on youtube of a very well-known and successful investor who actually recommended not using multi-family properties as housing for targeting individuals with section 8 vouchers for various reasons...and now I'm afraid!!!

I suspect most have not much experience and none have actually played with the numbers.