The two professions needed to produce these plans require the services of a land planner and a civil engineer.

Wages and productivity going up, severe housing shortage, still super low interest rates even if they go up 1%, most people have equity and maybe great equity? 

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There are personal tax considerations, the structure of the investment (sole ownership or ownership with a partner), personal comfortability with risk, the loan products you have access to, personal income, personal debt to income ratios, property income, state of ownership (different states have different rules on transfer tax), and even the future strategy you are planning on taking with your investments etc.

However, DO the 1031 Exchange into an income producing Rental for all the cash from the sale then do a REFI cash out in a year. 

It CAN also be very lucrative.stick with your w-2 work for a bit longer and save as much as you can seek out and find a producing real estate agent who can be your mentor in this process - join a good team to begin with...starting part-time as a RE agent is not easy or often recommended - but it CAN allow for that training and transition period...find a great lender who can actually tell you what various assistance programs are available to you.

Ask them, "With my FICO of ZZZ and a bk 3 years ago, do you have any HELOC product that will work for me?  

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Anytime you buy property with a party in possession (PIP) you run a risk of a defense to the eviction being raised.I worked on on title claim where the PIP produced a lease which claimed he prepaid five years of rent to the former owner.