It may take time to build up a clientele base, but based off the little knowledge I've gained today, I think it's definitely worth researching!

I would probably gain more than I would lose, right?

@Courtney M.Lot's of great suggestions on the forum:Seller carry/finance: Seller may benefit from deferral of gainsHELOC: if for investment, tax-deductible even post reform401(k)Loan: up to the lesser of: (a) 50k and (b) 50% of account value.

Long term relationships with my suppliers is to my benefit . 

Are there benefits to a converted house?

It's completely feasible to achieve enormous levels of success investing out of state - but keep in mind that when you get involved in a deal that is not local you're losing some control, and your visibility & oversight of the deal is dramatically diminished.Unless you're buying a turn key or getting into a PPM or some other commercial investment vehicle with a group that is managed and regulated, you may want to consider keeping it local until you've gained the experience and knowledge, and developed the out of state relationships necessary to be successful from a distance. 

My thoughts were always to perform a 1031 into new real estate that returns more in rent (by more properties) and also to avoid the capital gains taxes to utilize the full equity.

They will both cash flow well, but don't really provide the opportunity to gain the equity to get my family to our long term goal of being financially free within the next 15 years. 

They will both cash flow well, but don't really provide the opportunity to gain the equity to get my family to our long term goal of being financially free within the next 15 years. 

If you start asking around, a lot of people try the strategy of “buy every time you move” but this only give you some benefits (0% or low money down, low interest rates, etc).