The basic steps would be: 1) Buy Land- (up front cost) make sure you can build what you want ahead of time by talking with an experienced engineer/architect familiar with local codes and regulations.

Thanks @Todd DexheimerI think that at the end of the day they will at least be able to salvage the initial investment,  also the returns of the past couple of years were not sustainable and even if its a total loss I am still way ahead.

I do believe that if you pick the right conservative syndications, it's an easy way to diversify, maintain a low risk profile and come out slightly ahead of the market over time.

Tax deferral isn't everything, though, and I wouldn't rush you into a 1031 if you can't find a property that you like and that makes the math work for you. 

Go right ahead... burn your money, others have more common sense! 

Just to add on to my last comment...Ask the contractor to redo the estimate with more detail and if he/she balks or stalls then find another contractor...that is a bad indicator for the $37K job he/she has ahead of them!

@Stephanie Cabral and @Brandon Rush are two that run meetups in Ct.Podcast & books helped me a lot when I first started in real estate.

With rates being as high as they are currently, I'm trying to determine if I come out ahead just selling my existing investment property with no 1031 or doing a 1031 followed by a HELOC or home equity instead of locking my capital up in the 1031.

Don't worry about the rush to buy "before prices/interest rates/XXX" rise" there are always deals out there you may just need to be patient and wait until the time and right property comes along.

I have already met some very knwoledgeable and experienced investors and operators through BP, and was hoping to grow that list.Thanks ahead of time.