@Camille Romero I would not buy a property in a city with a declining population.

The biggest question you need to ask yourself is if you are doing this to afford a property you otherwise couldn’t afford or to save money period, that will lead to very different conclusions about where/if to buy. 

I am more inclined to buy new kitchen appliances because of #4, but would not have an issue using nice looking used kitchen appliances.

The secret is deploying an unfair advantage and/or buying good assets + time.

Quote from @Angel Romero: You'll get plenty of advice on what to buy, where to buy, how to cash out equity, setting up an LLC, and other noise.

Your investment property - This you could do a 1031 exchange on and buy another property you intend to use for investment. 

If it is, why can't you buy similar properties that you are renting with the money you make.If you get $200,000 annually(split proceeds with the other owner), you should be able to buy almost any type of property.

Say they sold the properties over 3 year period and could not sell the rentals together as a portfolio.Could they put the money from each sale into a DST then use the total to buy a expensive rental property?

Quote from @Jaron Walling: @Kane Spangler There's a since of pressure to build or buy RE in your post.

Why would someone buy now and make little money for the chance that the rates will adjust later?