This allows the seller to defer capital gains taxes by spreading out the recognition of taxable income over a period of years, rather than recognizing it all in the year of sale”the way either works “in the place of” a 1031 is simply is simply to spread the recognition of the capital gains over several years to keep you out of higher tax brackets.    . 

I wouldn't waste money on a designer for an investment property....maybe for a real high-end home.The really good ones that are worth having around charge a fortune (I've paid as much as $30k for the ones that help design custom home builds) and the ones that are cheaper are not worth having IMHO...

I currently have one property out of state in a cheaper area but I definitely would like to own a property in Essex or union county as this is now a prime location that is currently rapidly growing.

Anything less will be taxable. 

I was looking for distressed properties to purchase them cheaper.

I am also seeing a large inventory of these cheaper 20-30 k homes.

JCIn my experience, Citizens was actually cheaper when I was pushed to it (long story but it was the only option at the time) who has now dropped many property owners from its books. 

Remember if you do a 1031 out of Florida in to a state with income taxes you’ve just made those Florida gains taxable if you ever sell without an exchange.

This meant I had to go with another company and the state insurance Citizens was what my new broker could get, also cheaper premium.Then last year Citizens dropped a bunch of people and we were pushed to what ever insurer they could push it to - I had no say in the matter of course this is what they do.With Citzens they only would max coverage for personal liability to $100k and my umbrella (separate policy) required $300k on rentals.

That’s consistent with the statute, IRS guidance, and common sense.Happy to be challenged on this—but I think the burden of proof should be on those trying to stretch the definition of nonresidential property to cover what are, in reality, furnished houses and condos.BTW Section 168(e)(2)(A)(i), which defines what a residential property is, says this, “The term ‘residential rental property’ means any building or structure if 80 percent or more of the gross rental income from such building or structure for the taxable year is rental income from dwelling units."