What is the interest rate on borrowing compared to the rate you are earning, then take into consideration the tax consequences. 

Most places in Ohio can be profitable rentals... if you can stomach those property taxes!

For a hard money loan, you have to close in an entity, it also helps with your credit being the mortgage is not under your name, with a 700+ credit we can usually get you 80% LTV on a purchase.

It should go without saying, but I do understand when you're new to real estate expectations can be out of line with reality --- if you finance 100% of a deal you will not see any money out of the deal for many years and will be putting money in for many years.

It would/could be only 15% capital gains tax and yes you could/would deduct all selling costs including commissions and transfer taxes.

If you cash out equity in a property, you are "borrowing" that money from the lender.

Will having money fix that issue?

Bonus depreciation will finally be phased out in the 2027 tax year This is well said

But ya have to make some educated prognostications in life.Add this to the information your processing - What your talking about doing is eliminating around $4000 or interest expense (which is deductible anyway so really could be a real impact of eliminating $2800 or so) of debt in exchange for paying over $10K in capital gains tax (don't forget possible state gains tax as well).  

In non-community property states a husband/wife LLC is supposed to be treated as a partnership  And transferring from a revocable trust (reported on your 1031) to a partnership LLC (that files it's own tax return) is changing the tax payer.