I am not sure if you get any deductions on your taxes for the donation but you could always ask them.  

These two sentences probably have 5 different codes that need to be met before concluding the deduction.

@Bradley J Allen deductibility follows use, so the the cash out used to buy a new personal home is not tax deductible.

I have no money in the deal, generate $3600 a year and take advantage of all the tax advantages of mortgage interest deduction, property tax deduction, mortgage pay down, depreciation my ROI is actually much better.  

I am currently paying the 401K money back thru payroll deduction over 5 years from a very stable regular job.

Basically bones depreciation has made 1031s obsolete.The order in which suspended losses are deducted is:1.

Your numbers look ok except you cannot deduct the 1st year principle paid. 

Also having two mortgages will also give you a good tax deduction on your Schedule E at the end of the year.

In our situation, they setup the loan payments to deduct directly from our paycheck.

My payments are low, the interest is deductible, and it benefits me and also my seller.