Second issue is that it would be really difficult to cash flow, while paying both notes, especially with one lender in second position (which would most likely have a higher rate, plus points to offset their risk.)Now if you got the property under contract for 75% of the market value, which means you would have built in equity, and willing to personally guarantee (full recourse) then yea it may work out.If it's a good enough deal then you could even bring in an equity partner. 50 percent of a great deal is better than 100% of no deal.Cheers! 

Use a 1031 exchange to sell one or more properties and reinvest into fewer but higher-yielding or easier-to-manage assets, like multifamily units or triple-net lease properties.

Which is expected to have higher maintenance/cap ex?  

—can also be acquired on an all-cash basis, but your initial outlay will be a lot higher, and leasing cycles will be longer and more complex than single-family.

A higher cost basis reduces the capital gain upon sale.10.

If you are building to sell and your profit margins are higher for the larger units, that may be a good argument for building bigger.My rentals are in central and east Phoenix, so we have a lot of young professionals and small families we rent to. 

However, managing multiple LLCs can mean higher costs and administrative work (separate bank accounts, annual filings, etc.).It depends on your risk tolerance and ability to stay organized.

To that end, I made a Google sheets document with every hospital system in GA along with the following data:CityZip CodeRentometer 2/X   (what a 2 BR, any bath) goes for on Rentometer)RentRentometer 3/1+ Rent (what a # BR, 1.5+ bath) goes for on Rentometer)"Minutes to home"  (how far a drive it is for us)"Staffed Beds"  (measure of how big a hospital is)"Total Discharges" (a different measure of hospital size)"Patient Days"  (yet another different measure of hospital size)"Gross Patient Revenue ($000)" (you guessed it, hospital size)Map Searches & Housing Requests (this and everything below was from FF.com stats page)Furnishedfinder.com Page ViewsTotal RoomsPrivate Rooms % UnitsHotels% Whole Place > 2500 %Whole Place > 2k < 2.5k %Whole Place > 1.5k < 2k %Room > 1500 %Room > 1k < 1.5k Page view per roomThis allowed us to narrow our search to hospital systems near us (less than 2 hours) in a less competitive market (higher page views per room advertised on FF.com) with a significant % of units being rented on FF.com at higher rents (more $). 

Property Age and Condition: Older properties may require a more significant reserve due to higher maintenance needs, while newer ones may allow you to taper off sooner.Understand your portfolio: I look at my portfolio as a whole and calculate a number I am comfortable with.

I didn't see where you factored in a $3000 mortgage payment (principal & interest only) in today's higher rate environment.