Buying properties with a 1031

[Justin Hertz]

I am selling a rental property I have. We rented it out part time and used it occasionally. I am going to be doing a 1031 exchange to buy two other properties. I could actually buy 3 with the 1031 but I'd like to see how the other two go and possibly do a cash out refi later this year to get one or two more. Up to this point, I have been a real estate hobbyist but I'm looking to get serious. What are the pros and cons of this strategy? What would you change? I'm happy to share more info if that helps. TIA.