We live in a college town and could rent it for $1200-$1500/month afterwards.

I have 1 tenant on S8 and they’ve been great besides the fact the home is dirty and they live like a hoarder. 

@William Hutchmaybe start with a live in flip a bit away from the cityi would not partner with multiple people on your very first one - that seems like a disaster waiting to happenhigh rates are just where the market is right now

If you are planning on living in the property as your primary, you can request to terminate the lease as you will be taking possession for owner occupy, but confirm with a local real estate attorney on the specific verbiage and process as it varies by state. 

Once I complete the 1031 process can I live in one of the units while the others are being rented or will I have to wait a while before I do that?

I got a hold of an agent early Sat morning for a listing that went live late Friday night. 

Its not clear from your post if in fact there is a tenant living in this basement area ? 

I failed to mention he doesn't have a job, he is solely living off this lump sum which I thought was fine considering all the great references I received. 

The subjects are on point along with the guest speakers that share their good and challenge experiences, after all we are here to learn, and making mistakes are part of the process.I’m original from Lima - Peru (bilingual of course), but I’ve been living in the USA for 24+ years. 

I just recently sold an investment property that i originally lived in.