I have all this cash in hand and I feel IRS is going to take a big chunk from it.I just did many repairs/improvements on the other property as write offs to help somewhat when I file next year.

Once it's complete you take title and complete your exchange.Can I put about 30% down on the new investment property using the 1031 exchange then take out a heloc loan of 80% LTV and use that money to make repairs?

Looks serious to me, but repairable.

I occasionally get someone that says, "I know this one guy..." but they can't provide actual details and it's probably just a rumor.Almost all legal disputes are over security deposits and very small amounts.Large suits involve injuries, which are only a risk if the landlord is negligent (e.g. fails to repair a broken step and the tenant falls).Even if the landlord is guilty, the suit will most likely be settled out of court and covered by insurance.Even if it goes to court, insurance will cover the costs.The odds of a landlord losing a lawsuit for more money than the average insurance policy will pay are about the same as winning the lottery or being struck by lightning twice.

It costs the same when I need a plumber to come out to repair my leaking sink.

And if a balcony fails inspection, good luck in getting a company to repair it.

I should add so many agents here, are gonna tell you this ******** about renting being a waste, but it’s literally cheaper by in some cases thousands a month when factoring in repairs, you can put excess savings into index funds etc. every single friend I have all of whom are pretty fiscally savvy have made the same calculation, I even have a good friend who is trying to sell his condo to rent because his monthly expenses will decrease when he sells his condo & he can be in a better area.

As the renovations age, repairs and unit turn over becomes more expensive.

I've had several wins that way; nice as it offsets those losses that are bound to happen with repair expenses!

Also I have a family member in Knoxville who has background in home repair and is willing to help where he can.