The SEC has opted to place restrictions on how much non-accredited investors can invest over a 12-month period.

My tenants can pay in cash, check, bank-to-bank transfer, wampum....just so long as they deposit it into the bank account # I have given them before the grace period expires. 

This period is not part of the 5 yr lease.

You basically have three variables: time for repairs, materials costs and carrying costs throughout the rehab period. 

Also consider the holding period and exit strategy.

Since the purchase of the like-kind property is time-constrained (180 days or whatever), it appears the 1031 Buyer is at a disadvantage and Seller to 1031 Buyer can use Seller’s time constraint by not agreeing to any legitimate concession in price should something be discovered during Due Diligence period.

This would convert the sale into an "installment sale" in the eyes of the IRS which would spread the gain over the period of the sale.Theoretical example:Purchase price: $10kRenovations: $0 (to simplify)Sale price: $20kNote: 8% over 10 years with 10k down. $10k sale price, $121/mo for 120 months.Period between purchase/sale: 6 monthsSince the note is over 10 years would the payments beyond year 1 be taxed at capital gains rates or my regular income if this were held in an LLC?

Just make sure you use your due diligence period appropriately. 3.

@Andrew Ward I bought my first investment property before I graduated college and this was the same question I asked my lender as there was a 6-month period where I didn’t work full time while in school.

If so, they should be pretty accurate at providing you with a forecast of rental income, estimated vacancy rates, etc.You should be able to have a pretty good understanding of the market with just a few hours a night over a one-week period.