I'd do a 1031 into a syndication which achieves the following1) Tax deferral via the 1031 - why pay taxes when you don't have to, let the unrealized taxable gain continue to work for you2) Passive - by investing in a syndicate you can move from being an active investor to a passive investor3) Returns - in my experience you should bet better returns by investing with a syndicateGood luck!

Right now I am just shooting blindly I bet.

I bet you have to put down 30%+ in order to satisfy the bank's DSCR.Frankly, the fact that you're asking these questions means, you're nowhere near ready to buy a property of this size.

For the first 2 deals I am looking at a HELOC+conventional mortgage and my name and then probably a conventional mortgage under my wife's name, and then adjust the strategy after that.

Thanks Jacob, I adjusted the expenses to about mid from the suggested.  

Make a budge, try to stick to it, and adjust from there.

ROI is much higher and can out perform those betting on appreciation.

I was an insurance adjuster in Illinois at one time and had some limited exposure to this. 

I would do a few utilities at a time so rent goes up little by little and give tenants a few months, time to adjust.

Real estate offers inflation-adjusted income, equity growth through appreciation as well as the tenants pay down the mortgage, depreciation, tax deductions.