The quality of modern lumber is simply far inferior to the quality of lumber they were using to build homes in the early and mid-20th century.

@Frankie PaternoRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?

Hiring a bookkeeper to watch the income/expenses is like hiring a gardener to tell you how many roof shingles are laying on the ground after a wind storm instead of hiring a roofer to repair the roof.I recommend that you look for a quality property manager who can maintain the properties and help with the bookkeeping.Start by going to www.narpm.org to search their directory of managers.

Take quality photos and market the property anywhere you possibly can. 

I would consider 1031 exchange to one high quality Nevada or Arizona SFH or duplex but high prices and 7% interest rates are dissuading me from doing anything.

not picking on your post in particular, but I'm observing a downtrend in quality on BP of late. 

The fact that you've raised over $170 million and have passive investments in $1.6 billion of assets speaks volumes about the quality of your team and your approach to real estate.If you’re looking to finance future acquisitions, I'd be happy to get you some very competitive bids on financing...I'd love to learn more about your investment philosophy and how you approach large multifamily projects.

Right now any market where 1% rule is met the properties most likely would be in C and below neighborhoods.If you are a long distance investor (like me) I would recommend staying in B class areas where tenant quality would be little better, you might have to sacrifice cash flow a little but you have better shot at appreciation. 

Trying to find quality subcontractors and writing proper contracts I would not recommend for somebody outside of the construction industry.

For now, there's nothing wrong with doing your homework but focus more of your time and energy on finding a quality property to purchase.