You likely already know the hottest areas U  of MN, Uptown, but those areas come with a high entry cost. 

Helloit is my understanding that traditionally when you sell your property you can use the 1031 exchange to defer the taxes on the capital gains from the sale. i know a little about that but i am interested to know if when you refinance and not sell the property to pull out equity from a property can u also use the 1031 for that. for example if i use the BRRRR strategy to buy a 4 plex for $300,000 i use a conventional loan and put down 20% of $60,000 making the loan amount for $240,000 and put in $40,000 into rehab the property so i have $100,000 in and the property then appraises at $400,000 so i refinance the property with 20% down of $80,000 in equity making it a loan amount of $320,000 out of that of course the original loan gets paid back of $240,000 leaving me with a check for $80,000. so does that $80,000 count as capital gains?

I would use the money to Joint Venture with someone and actually learn how to do the whole process and own some real estate.

Like you, I tried to get a mortgage when I was still a U student but was turned down.

Explore all options including an outright sale and joint ventures.

You could go on title with the owner as Tenants in Common on the deed, or secure an option on the property for a percentage of the eventual sale, or use a Joint Venture contract.

Yes since you are a pro member u should have access to the BP calculator.. but just taking that income and dividing it in have for 50percent rule you get 1088.5. 

Why not do a joint venture with someone to give yourself a cushion. 

Not sure about the joints though.

(Edit:  OK, so form a Joint Venture, which would protect both parties contractually.