Any strategies or insights negative or positive is welcomed and helpful.

I have seen many peopole get into a 1031 and end up in a worse position (asset quality, ROI, etc.)

REI has historically been very competitive.Cash is not king in real estate investing...deal flow is (lots of it).If you don't start now, you will have no experience or relationships if a correction occurs.If a correction occurs, lending/capital sources can dry up.Investors over-estimate their ability to pull the trigger when prices are crashing and there is no end in sight.If you can generate even a small positive IRR from real estate during an economic recession, idle cash is the risky choice (and is very costly over long periods).All properties and markets will not loose significant value in the next down cycle (real estate is local and good locations will always perform well).Investors can add as much or more value to a property than the potential loss of value in a downturn.If we have capital that we have to put to work, prudent real estate can be the flight to safety.I don't like investing into a hot market but sitting on the sidelines for years is not a viable strategy...just have to be really careful.If you are a market appreciation only investor, ignore this post...that can require some market timing.Interested in everyone thoughts.

At least here, they have a guaranteed path that there will be no further credit impacts associated with the home.

One of the many positives is that the lot was previously developed and still maintains municipal city service connections. 

My biggest struggle right now is trying to figure out how to properly estimate repair costs, so any suggestions there are appreciated.I have been thinking about taking the leap for years, and have finally set myself up to be in a position to do so.Can't wait to see where this goes. 

My current position haunts me EVERY SINGLE DAY and I want higher ground.

There is so much positive energy and excitement within this community that I wished that I would have joined sooner.

House hacking may be your best bet to build equity, and maybe refi to pull funds or continue to save and put yourself in the best position a year or so from now to make the move to strictly investment props!!

Expect a couple of points either way.To protect myself, I am in the first position on the property as the lender.