The property that you sell and then purchase through a 1031 Exchange must be held for rental, investment (capital appreciation), or used in a business. 

Also due to price increases you can probably cut a better deal on an existing home and probably get better quality too.Normally you'll probably need a couple of years of income to get a loan. 

You may need to increase or decrease the expenses based on your situation.

Why are you interested in this business?

The business plan to pay untenable returns is not untenable, it’s non-existent.

Tenants lease expired, so I offered a new lease with a $25 increase. 

But I'd like to see Lynnette's projects to support your claim "the portfolio was a 30% increase in cost to the consumers" since in TN, NC, VA, NC PPAs are priced at avoided costs. 

The increased cash flow would make such a substantial difference in your daily life that not paying it off would be foolish.Outside of that, I can't see many reasons I would take a 15% tax hit to save 4% on a mortgage, which is really only effectively about 3-3.5% depending on your tax bracket.

However, the depreciation claimed while the property was a rental must be accounted for upon the future sale of the personal residence, which could increase your capital gains tax liability.The adjusted basis of the property (original cost minus depreciation) will be used to calculate gains or losses at the time of sale.

I know I would get bored with not having a job or business to do lol