I appreciate the reminder as well that if the gain is fairly low then it may make more sense to just pay the capital gains taxes now versus 1031 exchange. 

Where do you think a rehab is more likely to net the better sweat appreciation the high property value market or the low property value market?  

I'm starting out at level 0.

If average sale for the area is 200,000 at 3 percent = 6,000You would need to close then 20 transactions in a year at the 3% level for 200k price to get the 120,000 commission.4.

They are a commodity, and owners are competing directly against hotels in this space, so rents are ultra low.

There is no stock account that gives the leverage real estate does, at as low interest rate real estate does, at as low risk/ volatility real estate does. 

And maybe diversify a little, invest half in a low cost S&P500 fund like VOO and the split the rest across 2 or 3 syndications.

A HELOC or cash-out refinance is definitely worth exploring if you want to free up capital for more investments, but make sure it fits your goals and comfort level.

This is primarily due to two key factors: low inventory (leading to tight margins) and high interest rates.

Would you rather set it and forget it and not need to refi again or rather take advantage of low/no closing costs on this loan and plan to be more aggressive on your rate at the time of your refi?