It depends on your financial strength, the quality of the property, how many properties you own, etc.I like to start with one significant expense and three months of vacancy.

Conversely, a new built A class SFR, in A class market of significant growth via a well laid out planned city development, great schools, area people are glamouring to move to, a-class tenants, very very low risk.

The exchange must also be for like kind and quality.

If he must attempt to get the low interest rates of 2021 on this deal, I suggest that he instead look for assumable loans.

I find the savings from not needing to add chlorine is instead spent on chlorinators.I would not use salt for an only a spa because the chlorine use is so low.  

There is no stock account that gives the leverage real estate does, at as low interest rate real estate does, at as low risk/ volatility real estate does. 

I'd imagine at that cost you'd either be buying just a shell of a property or raw land.Thank you,how low have you ever bought a house for from these auctions?

A full gut and roof HVAC windows etc for 100k seems very low.

I don’t want the property to appraise low and not have enough money to get when I cash out.

I would look for a low interest line of credit to put on the property and lend at a higher interest rate.