If the area is still growing you could miss out on more appreciation (long term wealth).

However if you are in a market that you believe will appreciate in the next few years a 1031 exchange will mean you miss out on the appreciation.Option 2: Do the cash out refi for 60% LTV to ensure you have a cash flowing property.

I always think man what another missed opportunity.

But doesn’t seem like my lot would be the same size.Am I missing something?

Seems those that aren’t prepared are prepared to miss opportunities. 

Inspecting a property takes a lot of practice so don't be discouraged if you miss something.

A lot of the established PM companies kind of missed the whole "forum" phase on the internet.

@Charles DayContinue to educate yourself, acquire as much knowledge as possible while trying to solve problems for people you want to learn from.Read: So Good They Can't Ignore You - Cal Newport, and learn to grow your value, while continuing to add as much value to everyone around you.Focus too much on small details at the start and you miss opportunities that are all around you.

The more words you're blabbing while trying to defend yourself the more fuzzy the whole conversation gets, and the more likely your counterpart is completely missing the point you're trying to explain. 

Looks like other investors missed the opportunity and you are benefiting.Congrats!