Thanks for the response and guidance, Nate.

Hi BP.I'd like to buy my first rental property as soon as I find something that makes cents. I wanted to get some second opinions from you all to see if my logic is sound...I'm looking at the greater Phoenix and surro...

@Matthew Irish-JonesThank you for the feedback, I am taking copious notes from all, so as not to have to reference this post and have all of your guidance where I can be reminded of it daily. 

I've been digesting as much content (books, blog posts, forums, webinars, podcasts, etc.) as possible in the past few months, and firstly just want to say thank you to all the amazing and selfless contributors at BP for all the free content... an education already proving to be far more valuable than the one my student loans provided.

@Shai Flax Hi Jason,Thanks so much for your valuable information.

Land with water access is more expensive and more valuable.5.

The guidance they released relates to "time sensitive" transactions- IE 180 days on a 1031. 

Brian, you have written many highly valuable contributions on this blog, but I think based on the wide ranging nature of this topic, and the confusion due to so many options, this could be your best...and most valuable contribution.For all those interested in this topic, I suggest you copy this post, and save it for future reference.

Although unlikely in our opinion, it is possible that we could get a surprise notice with additional extensions or clarifications, so those investors that have funds in a 1031 Exchange today and have technically failed (even with the extensions) should discuss with their legal and tax advisor whether they should leave the funds in for a while to see if we are surprised with additional extensions or guidance or if they should just pull their funds out. 

New furnace and A/C were installed prior to closing - a major cap ex - making the deal more valuable.