Yes, any cash you take out of a 1031 exchange that isn’t reinvested into a like-kind property is considered “boot” and is subject to capital gains tax.

Though we know you are not, an attorney can paint you as negligent and feckless which caused the tenant all kinds of problems.

LOL Happy to share any knowledge about that niche, since as you can see, I am kind of the go to for KY and that is all I do.

My advice would be only to do this kind of investing in your market. 

It's a 4 family, I just don't want that kind of transactional relationship with any tenants.

If you could be so kind, please provide me a list of benefits I would gain with a Property Manager.Again, thank you for your feedback.

This will depend on what kind of loan you choose to proceed with.

When you said  "New Construction" I was assuming, wrongly" that you meant buying a newly constructed home and perhaps thinking you were getting some kind of bargain that created equity. 

We kind of throw out these definitions for our business because they can become misleading. 

If you’re not willing to do this, then you may be best off investing in some kind of real estate fund concept.