I know you can do multiple properties in a 1031 exchange but I don't know specifically if there is a limit.

Here's what I know:The city of Corpus Christi has a 3-yr apprciation rate of 5.9%The city of Corpus Christi has a 1-yr apprciation rate of 6.7%Zillow predicts that the neighborhood will appreciate at 7.4% in the next year.The house is on an island, so expansion is limited but has not yet capped as there are still vacant lots scattered in this area.This address is in the best school district of the metro areaThe city experienced 10% net population growth 2000-2010The city's two main college campuses had a combined enrollment of over 22000 students in 2011.The city's top ten employers are in the sectors of military, education, health care, contruction, government, and grocery (local grocery chain headquartered there)The house is a 3 bed 2 bath, which is on the small side of avg for this area.What more what YOU need to know before deciding to invest in this area?

You'll have to deal with inspectors and limits on rent increases.

Not sure that marketing is the best approach since the budget is very limited and I am looking at several out of state markets.Thank you

Really without seeing your whole picture we can talk for hours and not get anywhere that's why I suggest the bank, because the situation will differ based on property/credit/limits... etc...7 years ago I would've called you up and pre-approved you in 5 minutes!

Once the 12 months have passed you can do a limited cash out or rate and term refinance.A Cash Out Refinance coming from a land contract is generally not allowed and can not be sold to the GSE.A local bank might have the ability to portfolio a loan like this (cash out refinance from LC).

A local bank might do a portfolio loan for you, and after a seasoning period you could do a conventional limited cash-out refinance (maybe 6 mths seasoning) to lock in the 30-year rates.

My conclusion so far is that I won't be a Realtor yet because getting your license does limit the types of deals you can do and how you can be involved with them.

I hate to be critical, please don't be angry.

By doing so, as I've read in a number of articles, you don't limit yourself to that 'not too high' goal we've always been told to achieve.