However, the IRS may scrutinize exchanges if the holding period post-transfer is too short (typically 12-24 months recommended).If one partner wants to defer capital gains while the other prefers cash, the deferring partner could reinvest their share into a Qualified Opportunity Zone (QOZ) fund, which can defer and reduce taxable gains if held for at least 10 years.

For a turnkey property, I’d like to stay under $400K, but if I find a good live-in flip opportunity, I’d prefer to stay under that price point.

2) Some folks prefer to only pay interest for the money they use - which is HELOC here.

Many investors set up LLCs themselves using state websites or services like LegalZoom, while others prefer an attorney for added protection and guidance.

Someone mentioned wanting to be within driving distance of a property, but I actually prefer not to be close.

I've gotten deals and formed partnerships through some very unorthodox connections over the years.To answer your question, it will always depend on the specifics of the deal in front of me but in general I'd still prefer value-add.

I have always preferred to stay in the areas I know and that are within a reasonable driving distance for me 90ish minutes from my home.

That means that not only are they resourceful, their dialogue is effective, informative and useful in you making your decisions.You evidently haven't found someone with the level of expertise you'd prefer. 

I would check and see how many 1 bed and 2 bed options there are and what they are priced at because most folks will prefer the full place to themselves so rooming 2 people together could make getting bookings a bit more difficult (not always the case but something to consider)

Obviously the numbers and location would determine which is the best option for me but these would be my preferred methods.