Your best bet is to first gain an understanding of the market by taking a sample set of similar properties and determining how the different features impacted the overall value of each property.

Hopefully I could then partner with them on a deal once I have gained enough "know how" and they trust me enough to let me take over the operations of a deal.

Furthermore, the deduction is phased out for adjusted gross incomes between $100,000 and $200,000.And while we are on the subject of taxes, it is worth noting that some of the deferred income taxes will come out in the wash in the form of higher capital gains taxes, if and when the property is sold.

@Franka HauckAndrew gave you some valuable tips.A couple things to keep in mind1) Charge market rent to your inlaws.

Which strategy is better for gaining experience in RE investing?

With 7 properties, at this point your knowledge and experience is as valuable as a good deal.  

How much gain was deferred in the 1031 exchange?

Your money will be earning less than in a GIC and your valuable investment property becomes a liability. 

It seems like a pretty smart way to get one's foot in the REI door, gain some property management experiences, build equity and get solid financing.  

I have no clue as to how good it is or is not or how much it may cost.although I have been around a lot of different HOW TO guys over the years.. and like anything.. if he sells 100 people on the big dog program 10 or so will take it and run.. 10 or so will muddle the rest will just kind of fade away.you have to look within and see if you are in a position to succeed in real estate... its not as easy as just taking a course and your now going to succeed... real estate generally speaking takes time,, money and some how gain experience. so for sure those that have limited investing capital limited experience.. no real contacts in the industry.. will find it pretty tough to almost no way anything will happen other than get jacked up at the event.Assess were your at personally..