I'm a foreign national.

I am seeing interest rates start in the mid 6% range for foreign nationals here in Florida.

Correct, a foreigner can get a home loan with a bank institution in the same way a national would.

don't know if this is still true, but at one time foreigners could not outright purchase property in Mexico within 100 miles of the coast. 

Cash out refinances after a 1031 exchange are not a taxable event.

@Kyle Carter, The strategy you're looking at would be what is called a "consolidation exchange". followed by a conversion to your primary residence. 

That is subjective though - I just advise my exchange clients to understand that number and understand their exposure.

Let's wrap up our QI selection series with the human element - because relationships and reputation can make or break your exchange!

The exchange must also be for like kind and quality.

Do a 1031 exchange and buy two replacement properties - one for $250K cash and one for $250K using the remaining $50K of proceeds as your down payment.Once this is done your 1031 is complete.