In my view, the rules keep you from investing a sizable portion of your net worth on a lightly regulated investment marketplace.  

RE in all its facets has always interested me so that is a large portion of our investment strategy although we have others. 

They handle a large portion of the management process but do leave some tasks like maintenance up to you.2. iTrip Vacations Indianapolis:iTrip offers a full-service solution, including dynamic pricing, guest communication, and property maintenance.

Most lenders will finance a portion of the property and 100% of the rehab costs.

It's essentially financing a portion of the transaction by increasing the purchase price by the contribution amount. 

If the landowner throws in the land and you get another investor to fund the construction you would value each portion on their side of the 50% pari passu and split all cash and sale proceeds accordingly along the same lines.If landowner puts up land and cash go 50-50 model.

I believe your assumptions are correct, only there is no requirement to buy again for the primary 121 exclusion portion.

If you don’t need all the cash immediately, you could store the unused portion in a high-yield savings account or line of credit for future investments.HELOC Option: Another alternative is to consider a Home Equity Line of Credit (HELOC) on your paid-off rental.

Typically most of the money (especially in this market) comes though purchasing a property in need of reno from a buyer not willing to put in the work/cash to reno, and then doing the work to reno it to capture that latent value.By buying a house that's already reno'd and ready to rent, you're missing out on a big portion of the potential equity-building potential of that investment, since the two big ways you build equity are through either reno or the housing market just moving up.

Myth: You never have to worry about getting your rent when you have section 8 tenants.Reality: rent payments can get suspended if the unit fails annual inspection, even if the items that caused it to fail are the tenants fault.Reality: the tenant portion of the rent is never guaranteed.Reality: if a tenant wants to leverage you for an upgrade, like a new stove or a new refrigerator, they can cause housing payments to get suspended by filing a complaint with their caseworker.