I believe if their credit and/or debt to income is not strong enough, they can still be qualified if they take a class on finances and the like.

QBO Plus has class tracking, which is what you need to be able to track and separate by property.

Trying to do a 1031 correctly in turbo tax sounds like trying to cook a gourmet meal using the ingredients from a lunch able. 

CapEx and repairs should be lower after renovation, but how much lower and for how long really depends on the renovation, location, and tenant class.

One approach would be to decide on an asset class and market e.g. multifamily in central Florida, and then secondly decide on how to invest whether directly, via a syndicate, REIT etc.I have invested in a number of syndicated multifamily deals as a LP and GP so if you want any specific insights please feel free to DM me.

Working-class neighborhood. 

They'll also want to know about the location and what is the class of neighborhood.

But perhaps also among geographic markets, operators, and perhaps classes of property.Funds have three primary disadvantages over single-asset syndications, however.  

What asset class and price point are you targeting?

After my grandmother sold her house, she rented for 5 years when she was in her mid-late 80s until she moved to a place where she didn't have to cook.