I then take the 360K and reinvest that into a new property, and still have the 180K seller financed note which is now 'outside of' the 1031 and collect payments over time?

If RE is such a piece of cake, why does not everyone wanting to strike it rich get in and retire early collecting rent? 

Set up payments with a loan servicing company to collect PITI with the payor paying the fees  and requiring the payor to carry a home owners policy naming the lender as the mortgagee/additional loss payee.

You seem to be making an argument for collecting rent a full month early, so that a non-payer can be evicted during the month for which they have not paid. 

Thanks for providing all the data and numbers.  

And legally collect 3 times as much money monthly as a short term rental vs. as a separate residence long term rental.

There are a number of factors you can use to justify a mid-level or higher fee, such as whether there are shared hallways that will require upkeep and cleaning, is there any outdoor space, landscaping, snow and ice removal, if there is a parking lot to maintain, how many tenants (this is obviously the biggest one), and whether you will be charges gross rent or collecting and reconciling CAM each year. 

I am still tempted to do a cash out refi but, I'm leery given the collective experience of 2007-2009.

I'm seeing a financial planner who will help me model different scenarios after he inputs all my financial data.

Unless you are just looking to buy a solid performing note and collect on cashflow, you may want to consider doing a JV with an experienced non performing note investor to educate yourself along the way.