A 1031 exchange is a great way to indefinitely defer the tax and use it to grow your RE portfolio, and build long term wealth.The most important factor in a 1031 exchange is that your qualified intermediary must be in place prior to the closing of the sale of your old property.

@Bruce Schussler   I am always suggest my borrowers stop at 60% loan to value when utilizing this strategy.  60% is the loan to value where the loan would qualify for the best possible rate.

Sorry for the following Contrarian advice, but you're not a 5 year old so:The only reason to buy a personal residence (Home) is because someone is forcing you to.Usually, this person is called your Spouse (which is Latin for someone who forces you to make horrible financial decisions then criticizes you for them endlessly:)perhaps DON'T buy a home, just rent something affordable and invest the 20% or in your case 50% into the stock market (sp500 16.1% yearly return last 15 years, 11% last 50 years, 10% last 125 years)remember, your RENT is your maximum monthly housing expense, but your Mortgage is your minimum or starting monthly housing cost, it always goes up from thereI've, owned 2 personal homes, 100% appreciation in 6years on #1 and in 7 years on #2, (I timed our market perfectly both times), with 20% down and very low mortgage rates, but after honestly calculating all expenses, only made about 5-6% a year "investment wise".

Even if you can raise $10mm, but have a small net worth and liquid cash, you won't qualify with the best deal. 

Investment Info:Single-family residence fix & flip investment.

Investment Info:Single-family residence buy & hold investment.

If you are getting a true turnkey home that hit's the 1% rule there's a very high probability you are in a more challenged area where the residents aren't as consistent over time. 

Place good residents, make sure the block is nice (just not the street) and you should be fine.

It's also worked pretty well if doing STR since you can just qualify with AirDNA projected income, even if you have no STR experience.  

That does not qualify as "managing repairs."