Quote from @Chantel Holsather: I am always an advocate if you can fix up a property to make it more marketable, that is really the way to go.

We are learning as we go here and I am curious on the approach others have used when going for their first property after getting their HELOC set up alongside an LLC and so forth.

Trustor will not permit any change in any license, restrictive covenant or easement without Lender's prior written consent.Now the practical answer is no one is coming to check on the property most likely, and unless you default no one will likely care.

You didn't write how much 'sweat equity' you put into this place, but it was likely well worth it given the $400K cash out.  

I can feel that you have embraced the move and change. if you want to meet some local investors there is a meet-up next Tuesday. it's posted in the classifieds.

BiggerPockets is full of resources designed to help you along your journey, whether you are just getting started or a seasoned investor.

As an investor in a market where cash flow does not come often and appreciation is a bigger play, I understand your mindset. 

I was looking at an attractive rental but it looks like the land value is 75+% of the value, so I would be paying a ton get very little tax benefit. 

Being "boy wonder" can lead to ego and pride definitely comes before the fall. 2) Irrelevant.

A couple of follow up questions. 1) After the 1031 exchange, and then after the follow on 721 contribution, I own an interest in a partnership held by the UPREIT.