House hack while you are young and it if feasible.

And, since this statement of his (if he actually said this) does not instill confidence, I'm not even sure your wife IS a real estate professional.And feasibility of a 1031 exchange must be evaluated by an accountant proficient in real estate taxation.

Q3- Is this feasible ?

Again, I'm not sure if this would be feasible with 5 people, but it is definitely feasible with 2.2.

Also, how feasible would it be for a bank to refinance to the LLC which initially held the property, rather than directly to me?

For the rental amounts, just ask the PM to offer you their reasoning for their valuation, and since it's turnkey, you can confirm the tenant's are paying that amount and it's a feasible amount before you close.

[/quote:Not exactly, an appraisal is different where it places an opinion of current value to a property.A highest and best use report uses 4 tests and can be best described here:"the most probable use of land or improved property that is legally possible, physically possible, financially feasible (and appropriately supportable) from the market, and which results in maximum profitability."

When you're dealing with the right people, you'll be able to get these properties for pennies on the dollar, which will make it much more feasible to buy these properties with the cash in your pocket (because they won't require much cash in the first place).

I do not live in Baltimore so doing a house hack is not feasible for me.

Feasibility Studies, ensuring proper Zoning ins in place, Market Equilibrium Study, & so forth.The former consists of you buying an immediate income stream and the latter having to build that income stream.