Best balance between leveraging and keeping debt ratio down

[Curtis Steineke]

I am in the process of taking what to me is a large sum of money and invest it in real estate as part of a 1031 exchange. I have always been taught that debt is bad and don't want to use all of it to finance properties even though I understand leverage, I am trying to strike a balance in my investment plan between having some paid off and some bought with a loan. I am looking to get both cash flowing properties like a duplex or quad plex and a couple single family homes. I want to buy at least one out right cash and the other two or three with a loan putting about 35-40% down on each of the two or three that I loan. I am also buying a SFH that I will be using for a all cash purchase, rent and then live in to cash out the money later on down the road to avoid paying capital gains tax on it. My plan is as I retire from the military I have a house to live in that's paid for and a steady income - retirement check and property income. I am still on active duty in the Army for a few more years so that helps with the conversion from rental to private residence timelines. Is this reasonable to strike that balance. Ideally I would like to have the loans paid off by the time I hit retirement age in about 20 years so going into my later years I have zero debt at retirement time. I would like to hear your experiences in dealing with a large sum of money and making smart decisions in striking the right balance of investments etc. or if there is such a thing. Thanks in advance.