If a conventional loan is only available in your personal names, transferring the lot from the LLC to yourselves before the exchange could trigger IRS scrutiny and potentially invalidate the 1031 exchange due to the same taxpayer rule.

At this point I can't fathom spending close to $100k in repairs and potentially being right back where I started.

Sometimes it is very difficult to reconstruct your depreciation schedule without the help of your prior accountant but still potentially possible.

When evaluating a potential real estate investment, both the Debt Service Coverage Ratio (DSCR) and the 50% Rule can be helpful tools.

I'm not a fan of mega back door roth contributions, unless potentially if you're in the 22% tax bracket or lower.

What are the key risks or potential pitfalls in this strategy?

They will have better recommendations for any title companies or lawyers there.

I've got about 7k in an emergency savings account.I am in the process of getting several mortgage pre-approvals to compare fees and get an idea of how much home I can realistically afford.I have yet to find a buyer's agent/investor to help me identify potential homes but will start on that shortly.Ideally, I would like to buy a single family home.

There is a lot you need to learn in order to make this strategy work and a lot of ways you can potentially stumble.

I've worked with groups like Sands Investment Group, Hudson Edge LLC, and others, where I primarily analyzed industrial properties with long-term leases and high recent growth potential, alongside stable A-class multifamily properties with value-add opportunities.While many of the groups I've worked with are hesitant to relinquish control of their investments, my goal is to create a balanced yet diversified portfolio, focusing on high-growth industrial assets and value-add multifamily properties.