Do make sure that they need an architects stamp and not an engineers (most small projects an architects stamp is fine- but an engineer can be less expensive).

From there, if you can find the house that needs basic rehab and lock it up for around 50-60% of that ARV, then you’ll do just fine most the time.  

If you are good at managing a budget I think this is fine.

However, there is also a very fine line for this as the PM can only do this so much and so often because our margins are not ridiculous and since we aren't the owner we don't get any upside appreciation when money is being spent to potentially fix things and make the unit better, rent for higher and/or be worth more.

Then there's the issue with doing a 1031 which is fine but my property taxes would go from $2200/yr to $4400/yr for an identical home. 

Which is fine. 

If you are investing in University district that is fine but know that there will be POS.

Luckily my partner pushed me and we did it and everything was fine, but thats more of an example of paralysis. 

I'm not sure what that is, but if what you're doing with the lender is not completely true, then you may be committing mortgage fraud which is punishable with jail and big fines. 

You are playing a fine line this close to the extended date though.