So I am glad that I was able to leave there with my credit card in my wallet!

But you're total gain including depreciation recapture was $60K so you would end up having to pay the tax on all $60K - no benefit to the 1031.The other question you're hinting at is what if you bought a tract of agricultural or hunting/fishing land that you intended to use for productive use (wilderness activities, rental, agricultural, livestock etc etc). 

Credit and Assets would also need to be analyzed for a traditional type of loan. 

which is the goal of the acquisition phase.Jeff Valso keep in mind when you do pay off a property your cash flow just doubled so its like buying another property without having to manage another tenant or cap ex or anything else.. those that I know that are truly and I mean truly wealthy have little to no debt.. unless they are in the business of owning mega portfolios and have no personal gurantee's or credit risks IE syndicators..  

For my credit, I can get the lowest interest rate but mine is .25 higher than the lowest rate i can get.

Thoroughly VET prospective tenants (criminal, background & credit history), check out their social media, get references.

I was in this same state. credit card debt or just saving. and I was told to get rid of all debt and start from scratch. one less thing to worry about .

Awesome, not sure if anyone has said this yet and it may be common knowledge, my advice is to build your credit as soon as possible.

I am also about 40k in credit card debt. 

My income fluctuates do to my freelance work.I have an amazing credit score 799I tried to get a line of credit and got rejected from my bank.I now have an offer to refinance and get cash out for a total of $375K loan at 4.5% for 30 years (That gives me a bit more then $175K out)My plan was to keep my mortgage as is rent my place out to cover it and get a new multi unit to live in and rent.