There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

Additionally, I'm working with the RE Ally Property management team, who was able to find a tenant to rent at slightly above market rates without any vacancy.

Additionally, based on your numbers, it should definitely cash flow. 

My last note would be to try to buy 3 or less replacement properties, it makes the exchange much easier and you avoid some additional rules.

States Can Still Require Additional FilingsEven though 506(b) offerings are exempt from state registration, individual states can still require notice filings and fees.

A value add can be as a result of modernization or addition.

No you won't benefit from the tenant paying down your mortgage or the house appreciating, but you also won't have to deal with tenants, maintaining the home, etc.

In addition to just posting your property on furnished finder, they were reaching out and building connections with hospital HR departments and recruiters to help place nurses in properties.

If you have equity and decent credit, a conventional Fannie Mae HomeStyle (or the Freddie Mac version) would likely be the better option instead of an FHA 203k loan (which will require a 3rd party HUD consultant to oversee the deal in addition to having the contractor involved). 

For a solo team we have a plan for $147/mo that includes onboarding to connect your tools at sign up and anytime throughout your membership at no additional cost, and screen share training with our team.