So i was thinking why not pay one off first before buying the next rental.Primary residence: 6% APR, zero down VA Loan, hardly any equity, highest debt and mortgage.STR: 5% APR, zero down VA Loan so still not much equity, cash flowing as an Airbnb, second highest loan and mortgage.LTR: 2.9 % APR as a conventional loan, cash flowing, $120,000 of equity locked up, by far lowest balance loan. 

Every one of them has ended up in a worse position than if they had a professional on their side.

Our initial equity contribution consisted of a $182,000 down payment.Rehabilitation & Value-Add StrategyEach property underwent a comprehensive renovation designed to elevate the homes to our amenity-rich, luxury rental standard.Total renovation budget: approximately $156,000 per property, or $468,150 for the portfolio.

Neither would have positive cash flow with my underwriting if I did a max LTV loan today.  

So if you're doing the work and bringing more of a down payment, perhaps you get 80% of the equity and your partner gets 20% as an example. 

Clearly, you stretched yourself for property #1.Your focus shouldn't be on property #2, but learning how to make an actual income to start from a position of strength.

A contract for purchase satisfies the identification requirements.Just remember that, in order to defer all of the tax, you must purchase at least as much as your net sale ( contract price minus closing costs) and use all of the proceeds (any equity received in your 1031 exchange.

Your portfolio and goals really do tell the story, it’s a mix of equity position and what I’m trying to tee up next.

@Jonathan Santiago,This is a great position to be in and you have done an impressive job adding value.

@Sydney Willford,Welcome to the BP community.I would strongly recommend to anyone in you position to look into "househacking" a duplex.