You will appreciate what a couple of month of effort and education can do for your credit with very little financal output.

I don't want to get into specifics but we passed on the property for a couple of reasons you mentioned.

I knew a couple people that did well with google ads, although have not asked them as of late.  

Here in Detroit you can buy a couple of properties for $250,000 cash.

They would get that $500K tax free and the rest of the tax would be deferred in the 1031.A very elegant solution that puts $500K tax free in their hands now. 

I've done a couple of direct loans, but for the most part, I work with a mortgage broker who brings deals to me.

Gaining a risk-free property, with a long-term resident there to pay down your fees, etc, with a property management company in place to hold your hand along the way and making sure your property is kept up with. 

A couple of Roof claims due to storm damage in Tucson, and we had several sub-to deals in Oklahoma when grapefruit size hail decimated a big section of the whole town. 

You'll still need enough income and DTI ratio to buy another property in a couple years even with this rental income.

A couple problems dividing a property and selling in a “Timely” manner and then picking exchange properties of equal or greater value than the lots you sale.