If the latter is chosen, the federal, state, and local governments get their pay day, and that pay day is much larger (if a 1031 exchange had been used) than the cumulative paydays that they would have seen had they taxed the investment vehicle from day 1 on every sale/repurchase of property, because the tax deferment program allows for larger and larger investments over time.

Regardless of approach, how did you arrive at your chosen relationship with debt (or lack-thereof) and what major points did you consider when arriving there?

They then said "hold my beer" and applied some "rate" to their chosen "net operating income" and like magic they arrived at a value.

It took every penny we had to do that (and I don't suggest that gamble to anyone) but it's paid off royally as the market in Boulder took off 2 months after we closed on our house.  

and a number of owner occupied, low-down-payment low-interest loans on great real estate, in carefully chosen areas, occupied by tenants.

I know I know gambling right .. 

Appreciation or even speculation of appreciation is like gambling and investors tend of to have personalities that shy away from that. 

There are many other ways of getting financing without the gamble of possible financial misery of a loved one. -- Good Luck - JonI love that strategy Jon!

Don't get me wrong; there are plenty of issues/problems/quirks that old houses have that new houses don't, and an old house can obviously have hidden problems and big repair/maintenance bills too--which is why thorough due diligence is fundamental to REI...but, the point is: a brand new house is not a foolproof solution to repairs/maintenance headaches (and in some cases, a brand new house can be a much bigger gamble than an older house).This is a particularly important lesson for inexperienced investors, who tend to be the most prone to "shiny object syndrome" (the tendency to let nice aesthetics distract from real, underlying issues).

You've chosen a noble profession in nursing, so I'm not sure if you want to start a business while pursuing nursing -- that is a personal preference.