I don't think anyone has mentioned, but you need to make sure you are in the game for the long run.

Brian, I reckon your "skin in the game" should really be the deposit you've saved (over the last 9+ years) to directly buy property that you want to invest in!

Which honestly is great to know and great to have in your arsenal of tactics but not 100% my game. 

When I first started, I couldn't compete at auction with the more established people, so I had to try to snipe what I could.

Anna Runkle I like that you have thought about the Pros & Cons but it sounds to me like you may be trying to “force” a purchase to get in the game.

Sagar some do a cash out refinance after they 1031 exchange into another property.It's all a shell game until the end anyways when your heirs get the stepped up basis.

Your finishes (due to ARV) will influence directly your cost, so the full gut price in upcoming areas will be lower if compared to a similar place located in a more "established" neighborhood. 2.

I'm new-ish to the real estate investment game. 

Since your tenants are at least paying I don't think they are at the point where they're trying to game the system.

They have more skin in the game then you do.Make sure you get clear title.