Several separators besides experience is connections and relationship w/brokers to get better deals,  financial might to get larger deals and scale their operations, clustering strategies to further reduce risks and costs, etc.  

I've been reading up on 1031 exchanges and I've been a little hung up on the replacement of debt and mortgage boot.

@Mitch P.Yes, you can cash out for the full amount of LTV that the lender requires - some require 75% and some allow 80% - also, a lender that allowed 80% may require 75% on another deal if your personal situation changes - debt to income, etc.The deals are out there - I am constantly on HAR looking at my target neighborhoods - I also have automatic notifications set up when a new property comes on the market that meets my criteria.

Or is it a financial manner in the sense that you can't find any good deals at home.

There is a lot of good information here on BP in the forums.The basic concept is that you can diversify your tax-sheltered retirement savings from stocks, funds, CD's and other conventional financial products and include investment options such as real estate, notes. etc.  

Recently hadm.y mind blown by Rich Dad Poor Dad.My family and I have been slowly climbing out of debt, mostly due to medical bills from my Crohn's Disease.

That does not include debt service, but does include taxes, insurance, advertising, lost rent to to vacancy or non-payment, legal expenses, accounting expenses, capital expenses (roofs, furnaces, etc), and property management.   

The only way is that if I take it subject to the potential debt and the title company cant issue title insurance with the note being released.  

If I was you I would start at a financial institution to see how much you can get approved for. 

Does he have debt on the property?