It’s a balancing act of controlling costs while also controlling risk of personal injury to your tenants and property visitors as well as maintaining goodwill with all involved at the properties. 

If OP can lever-up while maintaining adequate reserves, he will be in better position than buying with heavy cash position.  

To thrive in real estate investing, you must maintain a firm grip on your finances.

To thrive in real estate investing, you must maintain a firm grip on your finances.

Here’s how I’m currently thinking about it:The interest rate on my existing property is 3.5%, so I’d like to maintain that rate rather than refinancing the entire loan.

To thrive in real estate investing, you must maintain a firm grip on your finances.

Regarding a 1031 exchange, while the property was rented and treated as an investment property during your deployment, if you maintained it as your primary residence for tax purposes, it may complicate eligibility.

To thrive in real estate investing, you must maintain a firm grip on your finances.

What would be the best ways to familiarize myself with construction process, while still maintaining my W-2 job? 

Your financial position is strong, and leveraging financing for your next rental while maintaining a conservative debt-to-income ratio is a smart approach—consider consulting a lender to explore options that align with your goals and keep your investments sustainable.