Assuming that's true, I would recommend looking for a replacement property (or properties - you can purchase multiple in the exchange) with value of at least $725K (selling price).  

Starting out in real estate can be overwhelming, but with your background in flips, creative financing, and the Pace Morby community, you’re already ahead of the game.

I can tell they are both on top of their game.

Invelo is a true all-in-one solution for real estate investors, built with industry-proven best practices.

Sounds weird, but true.

I'm new the notes world and frankly the 3-year locked in PPR preferred return of 12% seems almost too good to be true if they in 16 years have never missed a payment or failed to repay principal.

That's why I'm asking for more opinions from people who have been in the game longer. 

This isn't true. there are lenders that do 80% cash out refinances - DSCR isn't the only loan type you can close in an LLC to get 80% cash out...and there are many lenders where investors can get 0% origination fees --- keyword here is "lenders", not brokers.

Nothing worth it is every easy when you start out....if it seems too good to be true, it probably is. 

That's simply not true.