The bank is less likely to foreclose on a property that has so little equity.Correct me if I am wrong, but as long as an invest property is full occupied and has consistent cashflow, a higher rate should not be considered an obstacle because the tenants are paying for the mortgage.

There's nothing wrong with considering the experience of others in your decision making.

I may be wrong. 

I'm sure there are other ways to do it but weather its right or wrong...

@Dwight CookNothing wrong with bumping rents if you're adding real value to the tenants, especially if it was already under market! 

He gave himself one day to move and assumed nothing would go wrong with the closing.

I got into a debate with a loan officer from my mortgage company on the phone. He wants me to refinance my FHA loan with 3.5% interest and 148$ Mortgage insurance premium, To a conventional loan with the same but mayb...

What are you going to do if your assumptions are wrong about the rehab cost?

You can form the LLC and it would not jeopardize your exchange because it's not wrong.   

You will likely spend less time analyzing deals going forward.I don't know how much time you are putting into your W-2 job, but if you are putting in that many hours that you don't have the time to take care of your own financial freedom, you may be with the wrong employer or wrong industry.With that said, you may want to consider these options if you truly don't have the time1) Work with a vetted syndicator2) Pick a market and work with a turnkey provider3) Buy a house that is in turn-key condition and have a property management company manage the property.Best of luck!