I'd pay particular attention to what @Ian Ippolito and @Brian Burke  advised you.

I’ve seen a few strategies work particularly well in Austin’s current landscape, so here’s my two cents:If you're looking for areas that are primed for long-term growth, Williamson County is still king.

As the portfolio grows, we’ll be able to implement gradual, strategic adjustments to rental rates, particularly for tenants in need, without undermining the overall financial health of the endowment.Phased Returns for Investors:Investors will be repaid through a combination of rental income and profits from other high-yield activities, such as property flips, during the early phases of the project.

I’d really value your insights and whether one has worked particularly well for your business.Thank you in advance!

Are there any particular things to check when evaluating such a deal?

*The tiny, marginal benefit would come from how interest is calculated--average monthly balance vs balance on a particular day.

While the Fed looks to continue their trajectory of cutting short term rates, I suspect the mid and long points of the yield curve (particularly the 10 year, which is what most mortgages go off of) will stay elevated. 10 Yr treasury today is 4.4%, but if it goes up to 5% or 6%, your mortgage will likely be in the 8% or higher level, which then hits CF even more.  

We live in Austin, TX and are looking to expand however NWA has become quite overpriced and as such we are looking into the midwest and are particularly interested in Columbus OH, Milwaukee, Kansas areas.

The net result is basically the same, but it keeps the two properties separate from a lenders perspective.Any low down payment money, particularly on an investment property, is going to come from a private money lender.  

This allowed them to keep part of their funds liquid for their personal project while still deferring some taxes.Also, I noticed some great advice in earlier replies, particularly about HELOCs and the pitfalls of LLCs for 1031 purposes like @Maureen McCann explained it perfectly.