I analyze these for my clients to see if make sense to even buy or what to offer for it.P&L is just that, profit and loss. not much else to look for but more like question the line items.What is the period of the P&L?

They are some of the more sought after homes, and it can be tough to get a good deal if you aren't well positioned.

Providing all data needed upfront and application completed asap is crucial … getting title / escrow / appraisal ordered on a rush is possible as well 

That seems like the most likely outcome to be honest.

Well, the lender and CPA go back and look and see that client is not moving primary residence any time soon so now the CPA, lender, and client meet again to discuss income requirements. 

After taxes and fees, and depending on if you plan to depreciate it at all, you may not have to pay anything or much in taxes. 7-22k spread minus closing costs (also the eviction costs are a write off as well) isn't going to be too much in taxes depending on what you decide to do. 

Heres the scenario:Selling our first rental property, currently in contractPlan on doing a 1031Would like to purchase a single family with hard money, perform a rehab, rent it out, and refinance our money out.Is this possible with a 1031?

You could end up paying holding costs like loan interest, property taxes, and maintenance for longer than expected, which can eat into your profits.Then there's the issue of selling for less than you expected.

It is very important that you are transparent with the lender and give them the full picture so they don't feel like there is something they're not aware of.

I am looking into that area as well because my son is moving there and I would like to have my own place to stay when I am there, especially if I get grandchildren any time soon.