Like Devin said, double digit rates and you could still have fees similar to a first position mortgage.

The 1031 positions the investor into a property that the REIT absorbs as @Joe Sera said in the 721 conversion. 

I'm almost positive I've seen Memphis real estate agents post on the forums.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Post back if you find another lender who serves you well, and I will add them to my list and pay it forward.Ridge Lending All in One, first position HELOCAmericafirst 80% LTV on noo 65% LTV UtahArvest Bank AR, OK, AL, MO Bank of the west BB&T will loan on a rental portfolioBBVA Compass Boeing employee credit union California: Cal Coast Credit Union and Fremont Bank.

In the middle of a lawsuit with a 2nd position lien. 

That being said, rental rates are remaining fairly strong, and with such an equitable position in your property, your cash flow should remain a positive net to you. 

We pride ourselves in keeping the forums positive, helpful, and focused on real estate (please, no politics, religion, etc.).

That can get you some money up front to continue to build your portfolio and it takes you out of being a landloard and puts you into the position of being the bank instead. 

It's an amazing market to be in because you can still find the 1% rule and positive cash flow while getting amazing appreciation potential.