The longer you wait, the better, even though there is no direct language in §1031 about doing a cash out refinance after the purchase.

Regarding the advice you've received from others, the best thing to do is to learn your market. 

my last post on this subject.I ran into a small company  6 folks involved  boy friend girl friends  they read rich dad book then went to a guru presentation and learned about wrapping notes which of course is the bizz model your talking about.

So honestly,  we have a lot to learn about RE and everything Tax related for it.

This year, let's prioritize learning and adaptability, recognizing that continuous growth is key to staying ahead in an ever-evolving world.Networking and collaboration will be crucial as we navigate the changing landscapes of industries.

Quote from @Mitchel Johnson: @Jonathan Greene I myself am a new investor and have been learning as much as I can before purchasing a property.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases.

I'm just starting out learning real estate, but I can't decide whether renting or flipping is a better option.

I am always trying to learn how to do better in this type of space. 

I'm trying to learn all I can possibly ingest!