If temptation is a problem, then locking it into the asset and accessing with HELOC might be better.I personally like having cash ready for deals, and I also used leverage heavily to expand.

we have been selling the assets and moving to notes as we go into our retirement years.. much less risk / if done right.. and no where near the drama of having your PM call you or your tenant.. let others do all the heavy lifting there is a reason that banks are so well off these days.. be the bank .let others do the hard work  :)

Did he expense out the remaining depreciation on that retired asset?

Secondly, at the $45k-$80k price point (If you're talking about only one asset for that price) you are looking at a decent rental.

Once the 1031 is complete you dissolve the LLC and distribute the assets (property to the individual that wanted to 1031 and cash and taxable event to the partner who wants out.The thing you absolutely do not want to do is to dissolve the LLC and then sell the property. 

This is such an outstanding and detailed example of how to create value and generate cash while improving your own asset-truly humbling.

Also, you still own an asset earning $700-900 a month or around 150% annually of the original cost.  

Still technically not an asset because the money is coming out of our pocket but its a start and its  our first home, we don't plan on staying here for long anyway.

@Kyle Bergren , good point about having access to automated services and software.

(Think Seaport, and Southie)Do note, that the properties you will likely come across in these areas will require major work; so I strongly believe that building a team that can provide rehab and other construction work will be a major asset.