Newbie catapulting into REI w/ 1031

[Chantal W.]

Hello BP! This is my first post on the forums after learning and following for 6 months now. I am a full time high school teacher, head varsity volleyball coach and co-director of a local volleyball club in Clovis/Fresno, CA. My husband and I would love to be able to afford to take our kids on more adventures so seeking some advice as we begin our REI journey. I have been fortunate enough to have land in Nebraska (go Huskers!) but it is time to sell and reinvest for a better return. Got an offer and we close in April so have some time to learn as much as we can before we dive in. Thus far, Single Family Air BnB, small multifamily rental, or a NNN all sound interesting. Although we live in Clovis/Fresno, we also have family outside of Dallas, Denver, and also the central Coast (Paso Robles, San Luis Obispo, etc) so those locations are desirable solely because we visit them the most.

We have a significant amount to reinvest via 1031 and eager to make moves. However, I also realize that I am just starting out (big learning curve!), still have a full time job, and don't want to bite off more than I can chew. Want to do this right! 

A few questions for you:

If you were in my shoes, how much would you leverage of the sell price? How much would you purchase outright so you don't have any mortgages? 

Is there some magic number for the amount of properties we should aim for? 3-5 SFR vs 1-2 multi? I would think that less is more manageable but also more risk if its not performing well.

What would be a good type of REI for someone that has a significant amount to reinvest while early in the learning game?

This is probably too complicated for my first rodeo, but is it possible to purchase a rental property out right, do a BRRRR on it (fix it up, rent, refinance, & purchase another property), or would I get taxed on the amount I take out with the refi?

Do I have to purchase properties that are already fixed up and in great condition, or could I purchase properties that need a little TLC? If so, how does the money needed for a rehab work within a 1031?