I have more of a background in financial instruments where risk and reward is a useful metric when deciding to invest in different equities.Hope the post wasn't too long and thank you in advance for the responses!

Borrowing on a second  after a purchase could have the effect of allowing for a deficiency judgement against you should you default.You need to research the instruments you will be using in the states you are buying as conditions vary by state.

Figure out your budget, develop your marketing strategy and develop systems to organize/automate your business.

There is a clear difference between taking cash out before the 1031 (taxable boot or profit) and a refi which is simply borrowing against equity and paying interest on the debt instrument. 

I've found what appears to be a good property management company, so they would be instrumental in helping in that case. 

Some of that can be done through sites like this, but you will need to be able to directlydeal with people and hopefully masses of people to make the most out of things.Some of it may be able to be automated to some extent, but to overcome the problems that will arise you will need to interact with the masses quite a bit.

The funny thing is, that all these “Gurus†are playing the same tune using different instruments.

No telling where interest rates will be 10-15 years from now and your spread could get eaten up over time investing I fixed rate instruments with floating rate debt.

AJ Spile Check City of LA website and look up LAX Automated People Mover.

The multi door padsplit operators have alot of home automation they remote control and monitor including cameras on the front door (not interior), remote managed bedroom door locks, front door lock etc etc.I won't get into either rent by the room or airbnb!