Lots to think about and prepare for.

@Josh Hollman To tackle your $100K credit card debt and prepare for a second rental, consider using a HELOC or Home Equity Loan on your primary residence to consolidate the debt at a lower interest rate.

Just food for thought from a friend who owns a larger development company...

Additionally, I don't believe Form 4797 should be generated for this transaction.Please confirm that, for reporting a 1031 exchange from one residential rental to two residential rentals, I need to prepare a separate statement and only complete lines 19 through 25 on Form 8824.

To prepare I would get a good understanding of what each partner can contribute to the purchase (cash/sweat equity) as well as the division of labor.

Being open to and prepared for constant learning only makes investing run more smoothly.

Nothing in stone right now, since I'm still in school, but preparing for after graduation (6/2025). 

It is important to be prepared and have something in place rather than nothing, even if it's not "perfect".

Be prepared to put at least 20-25% down since you would be considered a first time flipper. 

Clearly, I will find a CPA but I'm trying to get ahead of the game and prepare all the things I'll need for tax filing next year.