He eventually grew to around 50 rentals and was getting burned out.

Many people relying on the LOC short term debt instruments were burned after the Great Recession.

I currently manage all my properties and thats what is getting me burned out.

Like I said, I'm pretty liberal but I'd burn my own house down before I'd let squatters stay there.  

I know some people who have been burned by the strict timelines that are part of the 1031 process.

If you are just driving by daily to make sure I haven't burn down your house, I tend to think this is a bit much. 

They heard it's smart to invest in real estate, they have money to burn, so they plop it down.

How you proceed will depend on a few factors:- financing will depend on your exit strategy - you'll be best off if you can decided the exit plan (LTR, MTR, or STR) before buying- Since you're not employed and living on savings, what is your burn rate and your cash runway?

Super important that you know what it will be worth once repairs are made, and that you know what the repairs will actually cost ( many people underestimate and get burned ).

It's a quick way to burn out.