At this point I can't fathom spending close to $100k in repairs and potentially being right back where I started.

Thank you for putting it out there and potentially saving someone else in the future. 

Any smallerunits just make them equivalents of a 10 x15. 3 5 x 10's= 1unitAlthoughI am counting them all as the same, the reason, I say count by sizeis for when you build.Nowlets calculate "Demand":Numberof units needed (Step 1) minus Number of units existing (Step 2) =Quantity to build.Town1:500- 400 = 100Town2:300- 100 = 200Town3:andso on.Thiswill help you pick which town you have the greatest potential forsuccess.

high-quality, well-lit photos tend to attract more attention from potential renters. 

Does this strategy make sense, or am I overlooking any potential pitfalls?

For those with a W-2, perhaps optimizing 401(k), H.S.A. deductions to potentially get tax benefits.

For example, Almost every day I perform a “risk adjusted return” analysis on potential debt and equity investments we’re contemplating.  

I can provide support of checking in on contractors, staging rental properties, walk potential leads to give you an idea of the property in person or what the area is like, meeting with agents, and drafting scope of work for projects. 

If a conventional loan is only available in your personal names, transferring the lot from the LLC to yourselves before the exchange could trigger IRS scrutiny and potentially invalidate the 1031 exchange due to the same taxpayer rule.

It was my only option because I had limited funds and wanted a better future than my day job alone was going to provide.