Im a Novice and scared! Need advice on two of my Properties!

  1. I have a Fresno property in escro right now. A 45k balance is going to go into a 1031 exchange account. From there I have 45 days to Identify a property of like kind. What is the fasted way to find a property to exchange into and identify within that time period at a discount? Should I call Banks about their REOs? I believe I will need to hold the property for at least a year for the IRS not to penalize me on capitol gains taxes. I would rather flip the next propery quickly and keep exchanging. Can I do that in a 1031 exchange situation? What is the highest price I should go on my next property? How far can 45K get me on my next investment property? Example 45k is 10% of 450K. So is this the highest a lender would let me go up to on a property. I have a 700 FICO. I make 58k a year.

  2. My bran new Town House in San Jose is going to be complete in the Middle of Febuary. I want to lease Option in out for two years since Im calling it my primary residence and then sell it without being charged any capital gains tax. It is 100 % financing with 80/20. The 1st and 2nd are equity lines with Well Fargo. Payment per month with taxes, HOA, 1st and 2nd, Ins., comes to $2100 a month. The Town house is brand new which I got on contract for 385K. Its a 3 bd 2.5 bath. Is lease optioning it for $2500.00 a month realistic expect? I want to also ask for 10-15k up front for the option. Is that to much?

Im greatful for anyones imput here so let me have it. These are my only two properties and I dont want to screw myself up financially or pay Taxes. My goal is to eventually become financially independent and quit my day job. Thanks for any ones help again.