I have more of a background in financial instruments where risk and reward is a useful metric when deciding to invest in different equities.Hope the post wasn't too long and thank you in advance for the responses!

Borrowing on a second  after a purchase could have the effect of allowing for a deficiency judgement against you should you default.You need to research the instruments you will be using in the states you are buying as conditions vary by state.

I was thinking of putting a clause in the lease simply stating that the 'tenant agrees to abide by the rules set forth by the property manager' or something to that effect (obviously have an attorney review).The rules would be guidelines similar to an HOA set of rules like "no loud music or excessively noisy pets, clean up pet waste, no parking on grass, no broken vehicles, etc"How do multifamily property managers handle these?

There is a clear difference between taking cash out before the 1031 (taxable boot or profit) and a refi which is simply borrowing against equity and paying interest on the debt instrument. 

I've found what appears to be a good property management company, so they would be instrumental in helping in that case. 

They're a type of hedging instrument.

They missed the whole point that the reason the musical stopped before the resurrection was that if Jesus was meant to be a celebrity only, it would have ended there.

The funny thing is, that all these “Gurus†are playing the same tune using different instruments.

From what I have heard, the newly acquired property is the better one to sell from a tax perspective.Do you know anyone wanting an income producing duplex in Austin (a city with projected growth of 25% over the next decade, near a community college, considered the "north central of Austin", the "musical capital of the world")?

No telling where interest rates will be 10-15 years from now and your spread could get eaten up over time investing I fixed rate instruments with floating rate debt.