Less peace of mind due to increased debt, but trade off is better use of OPM.I will say we are leaning to taking out the line of credit for the pros mentioned above, but excited to hear your perspectives. 

Can do most of the rehab myself and I am well connected in our area and have just about every trade I can think of in my network of friends.

I'm not sure I'm ready to tackle Clermont as a market to farm, but it would be great to trade some perspective since we're not too far apart in our RE journey.

general trading principleswhat will the business actually be doingWho puts what in?

That covers all trades such as HVAC, Handyman etc but I've added an accountant to my list.  

Now, for 1031's, whether you traded up, or down, for tax treatment, your replacement property becomes two for tax purposes.In cases where you traded up, and took on a larger mortgage, the tax treatment is easier to explain and calculate.

A syndicated or non-syndicated deal make create such exposure.Engaging in a trade or business on a regular or repeated basis creates exposure to taxation known as UBIT. 

Every time I drive for dollars, I meet and hand out my card to contractors of all trades.  

PITI on a 30 year would be around $1500 per month on 200k,  so probably not much. that would still work, as you won't have any of your cash in them. that's a big IF, since you don't know if he'll trade his $150k note for $120k cash. make sure your ARV value is on-point as well. 

Just look at the cover of the most recent issue of our trade journal:The California Apartment Association and about a dozen other big lobbying entities also oppose rent control too.