I've done the math and if I go into a property with a 4% cap keeping the same equity/debt ratio, I think I can cashflow pretty well.My question is:  is this advisable? 

Hi. I self manage my units, which I love doing, and therefore my tenants have my phone number for when there is an issue. I have inherited one tenant a year ago that has no boundaries. If something bothers this tenant...

Of course, this assumes you're keeping track of everything religiously, as it would be hard to reconcile such records and ensure completeness.Otherwise, look into hiring a bookkeeper/accountant/CPA who can provide this as a service for you and can help advise you proactively, so you can prevent issues rather than remedying them after the fact.

We advised the tenants 3 months before the lease expired that the rent was going to be raised $200. 

Many other attorneys by default recommend that their client has their tax advisors review the agreements prior to execution.So...they should be, and most tax advisers want to be in that room when the documents are being drafted, but we can't help when no one tells us what is going on. 

Have I personally advised clients on alternative financing transactions? 

Your plan seems viable, but it's advisable to consult with a real estate focused accountant to fully grasp depreciation recapture and the complexities of a 1031 exchange.

I don't see it happening across the board anytime soon, I would advise against delaying projects waiting for it. 

Please advise!

He is definitely more conservative in his advisement, but seems willing to go along with defensible positions that fall within the tax code.