if there's a market you're considering investing in, you should go there in person, walk around, go to meetups, take people out for coffee and ask them questions. 

Basically all rentals, even ones owned under LLC, come up during loan DD as long as you file them under one tax return as personal, that was what happened to me earlier.  

I would only invest in a syndication if I could trust the person/people implicitly.

Hiren, I've personally been focused on the northern MSA markets of Round Rock, Georgetown, Cedar Park, Leander.

Interview your shortlist of PMs in person.

I personally love the Cleveland market for its cash flow ranging from 10-18%.

DSCR is just a simple way of purchasing an investment property when you do not qualify using personal income (Paystubs, W2s, etc..) or you want to close in the name of an LLC.  

However as you correctly point out this is far more risky and or its risk capital compared to buying a income property.. but the reward can be strati-spherically higher .. not just a little bit but it can be life changing profits on some of these deals.

Also, I personally wouldnt cash out refi right now just because the interest rates are high but thats just my opinion and it really just depends on the numbers if you want to make a calculated decision. 

I’m not an expert, but I don’t think you could live in the new property if you 1031 nor would you be able to access any of the proceeds for personal reasons.