I think James Wise would probably be the best person to add to this discussion.

Cost wise it is a little more then your low end laminates but it is very durable and waterproof.

I want to know the pros and cons of the amount of units I should strive for and what makes the most sense investment wise.

He may not need a real estate agent at all if he finds a good settlement agent/attorney who will draw up the contract for him, and speak to a good accountant first to get tax advice before selling the property, or at least ask some accountants on here if there are things he should watch out for tax-wise when selling a property that he purchased through a 1031 as there may be specific steps to follow or terms involved to minimize taxes. 

You can get a rental or sfr and rent out and get cash flow and ride the appreciation much faster and higher [ percentage wise].

(Insurance-wise at least$

Capital Expenses: It would be wise to save at least  5 percent off monthly rent for big ticket items, (Roof, heating, AC, etc)So above all the expenses you described, you need to add in property taxes in as well. 

What would they potentially be liable for money wise?

James Wise thanks for the info. 

Has anyone worked with the Holton Wise group, which I think is tied in with the Australian guy Engelo Rumora?