1031 vs LOC vs collaterized hard money advice

[Taylor Dame]

I own a property that is paid off and has a value around 160k and has a cashflow if about $600/month. My goal is to increase my monthly cashflow by leveraging that property. So far the ways that I thought of were the following: 1031: I would potentially be able to turn this one property into doing 3 deals that have a cashflow of 300-400 each at 20% down. Or I could get into a multi unit property at 20% which would probably cashflow around $1500 LOC: I’ve found that Wells Fargo will do a Line of Credit of about 70% LTV with the property being the collateral with a 9% interest rate with a balloon. In this scenario I would continue to receive the $600/month cashflow from the property and have about $100k to do the BRRRR strategy with. I don’t have a lot of experience with rehab and it seems a bit daunting, but by using this strategy I could continually grow my portfolio. Hard money: by using the property as collateral I could work with a local hard money lender in order to do about the same strategy as above. I’m a newbie just trying to understand the pros and cons of each and be sure I’m not missing any aspects of the opportunities. Any feedback is appreciated.