I buy with a lot of hard money day 1, as is, no inspections, minimal financials needed. 

I'm not sure what your experience is, but if it's minimal I'm not sure you would want this as your first property. 

And the best part is instead of paying anywhere from 6-10% of the monthly rent to a property management company, usually (depending upon the # of units you have) the subscription fee is minimal.

My parents live in Boca Raton Florida and just collect the rent checks every month with minimal upkeep. 

If there is enough money to be made perhaps you can structure a win-win and cash out a higher gain when all is said and done while minimizing your risk by working with someone experienced in a development.

Even with that stated our vacany is extremely low and the best item is that the tenants tend to stay for years.Not uncommon to see limited income and low debt so the screening can be a bit different.Overall the 55 plus market has offered good returns with low turnover, minimal repairs, and great stability.

Typically HELOCs have minimal/no closing costs, the bank even covered the appraisal fee on mine. 

Often it won't even tell you unit mix (without which you can't do market research) but as a first pass you only really need the gross income (minimally).

I am planning to be conservative for the 1031 exchange, which means to satisfy the minimal requirements for the change, not to spend my down payment to the house in the new investment.

Like others have said here, at the end of the day, the LLC is to protect your assets and minimize liability (if someone comes after you for any reason, they're really coming after the business entity and you won't lose your 100 grand sitting in the bank and your own house).