i have an accounant with wells fargo for 16 years and they acted like it wa he biggest deal in the world to give me a cashiers chec for freey d

If you can borrow money at 6% from friends and family, that's a great rate - Hard Money lenders typically charge 10 to 15% (and also charge points up front).I would guess the biggest pitfall of borrowing from family and friends is if the deal went poorly and you weren't able to pay them back, as it could damage relationships.

As we're about to purchase our second rental I wanted to get some advice if this is a reasonable approach or is there a downside I'm not seeing.  

Those with the biggest failures, and I am certain there are more failures than successes, are no longer on the forums.

The first one on Podcast 216 with Damion Lupo about his biggest regret really made me think hard on that and what that would be for me and how I can work toward resolving it.

The biggest thing I've learned is that there is no need to reinvent the wheel.

The downside is that the vacant building insurance is expensive.... but that provides incentive to get it rehabbed quickly. 

Only downside is they are downtown at Main place tower so going there and parking is a pain or you can pay to park in the garage.Interested in seeing who you guys recommend for CPA.

The biggest winners in this game have always been the City and the 1% richest. 

If they are really looking to sell, this is likely going to be the biggest boon to them.However, I'll also point out that a 1031 exchange is only for investment property.