Our ultimate goal is to generate enough passive income to quit our jobs and travel with our kids whenever we want (WITH a nanny of course... that's part of my fantasy). 

Started downloading Flipping Junkies podcast and watching the YouTube channel.

But I guess now I can rely in my own spreadsheet and figure out my own profit goal.

And also what % you guys feel is tipping into excess where it will possibly inhibit other long-term investing goals of buying other properties, etc.  

Originally posted by @Kevin Tuttle:My question is would you rather own the home or property outright with No mortgage or would you rather have a mortgage  IT depends on your goals, where you are in your life and your risk tolerance. 

With multiple tenants you are all on the deed as tenants owning a % interest in a particular piece of real estate.Any tenant has the option of doing a 1031, taking the cash, doing a partial 1031, or combining their 1031 with the other tenants.While changes in entity immediately prior to a sale and 1031, it is a very common practice to complete the 1031 exchange with the purchase of the replacement property and then change the entity structure to reflect ongoing goals/strategy. 

What is your goal?

My goal is to clean up the property and make it nicer.

They mayor's goal is to make this the next "Hoboken".

If your goal is to buy investment property this may work for you.