I'm giving myself a year to learn all I can and save up a down payment for my first long-term rental in my local area.

My charter, expectation, and belief is long-term growth.

This is a single family home and was originally a primary residence before turning it into an long-term rental.Some strategies I'm considering to grow my portfolio are using a HELOC/1039 tax exchange to purchase a second investment property/multi-family property or refinancing my current investment property into a conventional loan to utilize another FHA loan for a primary residence (with the idea of eventually turning that into another long-term rental).I currently have a 7% interest rate, and am considering refinancing in the coming months if/when the rates drop.

I would say figure out your long-term financial goals and determine the best course of action with this money.

On DSCR loan, lenders will qualify you based on short term or long term rents.

For tax purposes, the IRS sees you and your LLC as the same entity, so transferring the title to your personal name typically wouldn’t affect the 1031 exchange deferral.However, to maintain the tax benefits associated with the 1031 exchange, it’s important to ensure that the property remains a rental and continues to be used for business purposes.

There are specific rules for 1031 exchanges including:The replacement property must be identified within 45 days of transferring the relinquished property.The replacement property must be received within 180 days after the transfer of the relinquished property or the due date of the taxpayer's tax return, whichever is earlier.Special rules apply for exchanges between related parties (defined in § 267(b) or 707(b)(1)).Real property located in the United States and real property located outside the United States are not considered property of like kind.Cost Segregation StudiesA Cost Segregation study is an IRS approved federal income tax tool that increases near term cash flow by utilizing shorter recovery periods for depreciation to accelerate return on investment.

Your 20s are for taking career risks, delaying gratification, and thinking long term.

I was going to hold the home long term but now the increase would basically eat away at any of my cash flowDoes it still cash flow?

I would look into the market and see if it is conducive to owning long term.