Quote from @Erik Estrada: The biggest win is when your borrower comes back to you for more LOL Yeah, I do a happy dance when a borrower becomes a repeat borrower.

I assume if one wanted to 1031 for "rinse and repeat" you'd also be game for that as well. 

I fear I could be substantially too low.Good luck and I wish everyone affected by the wildfires the best.

One piece of advice I often repeat is that the goal of diversification is to reduce or eliminate any single point of failure.  

(Minimal competition, high demand, and 20 year operating history with repeat & longterm clients) Agreed!

I'd recommend keeping them separate for that reason. 70% LTV should be doable as long as you qualify (LTV can be affected by your FICO scores).

However, this may also affect returns and management burden.

Depending on how that goes, I’ll aim to repeat it 1 or 2 more times.

This is a tool that is supposed to achieve a competitive advantage in the marketplace, which will allow you to outperform the competition.Thus, if you are OK with me being nice, I'll repeat myself and tell the newbie OP that I think your tool is fine to use and learn from.

Rinse and repeat this process over time.