It's about finding a situation where you can force enough value to create a 20%+ equity position. 

As well as the appreciation, created as a result of the availability and demand.We're happy to share.

He's absolutely right that using debt to control cash flow is also creating tax free cash for expansion.

However, refinancing too soon after the exchange could raise IRS scrutiny about the exchange's intent, so waiting several months is advisable.This post does not create a CPA-Client relationship.

However LP's entity  both in Canada and the USA treated the same as flow thru's entities and that may be what he would want to create an LP to partner instead of a LLC.

From screening to security deposits to eviction, recent laws create many ways for owners to trip and fall.And now Multnomah County has prevented landlords from evicting delinquent tenants.

Selling one of the properties is not an option because they were both purchased via 1031 funds from dramatically appreciated assets creating a cost basis of next to nothing on these. 

You will have to create your own renovation estimator with the numbers that you gather.

[Book Title As Listed On Amazon]The Book on Rental Property Investing: How to Create Wealth With Intelligent Buy and Hold Real Estate Investing (BiggerPockets Rental Kit, 2) Paperback – Illustrated, October 28, 2015by Brandon Turner (Author)

Going this route creates a multi family scenario creatively.