Reverse 1031 Exchanges are more complicated and have higher costs, but can solve these problems. 

Is saving the fee a PM charges worth the potential thousands in cost and headaches?

Your 'cost' should include everything, from land purchase, soft costs, holding costs, and hard costs.

Anyone can get 4.3% now in a 100% treasury fund (was 5% until recently), virtually risk-free.

Please feel free to PM me. 

Feel free to reach out with any questions!

TY You have a few different options, but a cashout refi on the free and clear property is probably simplest. 

What about closing costs, rent ready costs, lease-up costs?

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Feel free to reach out if you have any questions about the local market here or want to connect!