But basically I agree with only doing this local if your not in the business of funding out of area folks its hard enough and dangerous enough.. if your just looking to do a few projects a year I would only do them where you basically can drive to them.

I would talk to your local board to make sure it wouldn't put you in danger of losing your license. 

There are a few court cases that have been commonly cited to support contributing the property into a separate, different, and distinct entity after the 1031 Exchange has been completed. 

The only dangers to doing that is that your monthly mortgage payments will be higher so your holding cost when you don't have a tenant will be higher. 

Then they demanded a roof to cellar electric system, after the inspector noted porcelain knobs (knob and tube wiring from the 1800’s to ~1930 was dangerous) but there was NO wire.

Combine it with student loans and there could be a dangerous combination brewing.  

If the NNN and MLO are distinct, what are the pro and cons of each?

It is also easier to just pull out a credit card instead of having to deal with cash...I know some will argue that this ease of use is dangerous due to the potential to spend money that i don't actually have...but rest assured, my social awkwardness far outweighs my urge to spend money when I do make it out of the house.  

Important to note, there is a distinction between capitalization rate of properties listed for sale and properties that have closed.

We moved the dangerous non code complaint electric mast and panel.