. :)  I would not consider Cleveland a growth market, but we've certainly got some really cheap properties. 

Other Strategies: Are there safer or more profitable alternatives I should consider? 

Personal Name for PurchaseLLC Loans: Loans for LLCs usually come with higher interest rates and stricter terms because they’re considered commercial.Personal Loans: If it’s your first property, buying under your personal name might be easier and get you better terms.

You may also want to consider purchasing multi-unit properties and live in one of the units.

You also need to consider that at a lower percentage of money down you will be paying a Mortgage Insurance Premium or MIP. 

@Jim G.Per the International Residential Code if the glazing is less then 60 inches vertically from a standing or walking surface then yes it’s required to be safety glass as it’s considered a hazardous area.  

Borrowers like that.Since money is the lifeblood of all house flips, I consider this a win-win for everyone.

I mainly want to ask if these assumptions are reasonable and if there's anything I haven't considered:(1) multifamily units in NJ close to New York City, ~$1,000,000, 20% down payment, (2) Using the following assumptions: 4% appreciation rate, 6.5% interest rate and 5.0% refinance after 5 years, $10,000 yearly maintenance fee(3) ~$6,000 monthly rental and assume 3% increase yearly with 5% vacancy rate(4) Based on the above, the calculated IRR if selling at the 10th year is ~19% (considering tax benefits) and ~17% (without tax benefits).

With your budget, depending on where you are working, I'd consider Silver Spring or Hyattsville  

As far as some other comments about like kind etc, you can sell this SFR and then buy a warehouse, or vacant land or even exchange into a DST there are many other assets that are considered 'like kind'.