@Brock Norton, I think you may be confusing a few things here.Federal Housing Authority (FHA) loans are backed by Housing and Urban Development (HUD) to help new buyers get into a property with a very low down payment. 

If you can enlist a mentor (someone successful) to help you with the search and bounce of the deals with them.I'd identify your budget, your search criteria and the exact neighborhood / perimeter of where you'd like to be. 

This "master plan" is basically starting and developing a portfolio of rental units. 

It depends on proximity to other areas....something I often see overlooked here when it comes to "bad" properties is whether not they can offset, mitigate or compliment a development.

I know it wont be quick or easy but I know my priorities and I've set my goals.A little more background from me; I was young and stupid in the military and developed about 60K in debt that I am currently working to pay off.

I've identified a distressed seller of a multi-family, but I can't quite scrape up the 25% to get the commercial loan. 

There's no such requirement at the federal level, which is where you'd normally encounter excise taxes.As with any business, you should identify what applicable state and local licenses you'll need to run everything above board considering the facts and circumstances of the business.

@Michinori Kaneko Yes, for a 1031 to be valid, you must identify your replacement property options (up to 3 normally, though can be more under certain circumstances) within 45 days of closing on the sale of your relinquished prop, and close on your replacement(s) within 180 days of closing.

It's in a newer development that had an office so I stopped and asked for help.

@Joe VilleneuveI would be worth more vacant because of the location and I’m sure a developer would love to have it as a vacant lot.