The payoff is worth it in the long run with reliable, on-time rent payments and tenants who are more likely to stay long-term, and take care of your property. 

But my long term is rental mainly. 

In response to your questions:Biggest q i still dont really understand is:- what happens if i refinance before 7yr term or sellAs you'll be the owner, you can refi or sell before the 7 years. 

Start with a technique or strategy used successfully by KNOWLEDGABLE, EXPERIENCED investors on a rather limited basis (because it’s only OCCASIONALLY applicable2.

You lose all of the control and these are long term investments - but in my experience the returns match what I had on the active real estate and I am hiring professionals to manage the assets.  

Also, the MLS/listed scenarios allow for more favorable settlement terms (the opportunity for more thorough diligence and deal analysis & ability to line up the best financing). 

There are several non-QM options that will work around that but with "hits" to the loan terms.  

Hello,We have "trapped equity" in a long term rental condo and are considering selling it and doing a 1031.

Or you can just do a rate and term refinance and payoff what you owe. 

For this reason, I typically recommend using series LLCs for single-family homes, where the structure can be more practical, and keeping commercial properties in their own separate LLCs for simplicity and to avoid unnecessary complications.In terms of management, I always advise structuring the series LLC with a separate management entity to address the concerns you raised.