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

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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. 

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

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.

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

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.

I'm glad I found this thread; I was looking for a community of Latino investors a while back and couldn't find one so I created my own.

I have seen some long term friendships fall apart as a result and not sure that is anyone's end goal. 

Remember to looking into rental and cost seg to wipe out entire taxes form your Flips.This post does not create a CPA-Client relationship.