Lower expenses equal higher profit.”

To maximize available tax deferral in an exchange, your goal is to purchase replacement property that is equal to or greater in value than the property you sold, minus allowable expenses.  

Don't assume you'll find a property that an inspector will find "absolutely" perfect, that doesn't happen, and perfect tenants are equally unicorn-like. 

I also invest with other that have a track record and a net worth equal or more than I.

I would not have this be the determining factor between picking one market over another but all else equal (between markets) where one typically has basements (most of the Midwest) and one that doesn’t (southeast usually) id go with the latter

The land is worth roughly 20-25% of the after development property value (higher after development values allow for higher land percentages all other things being equal).

I truly wish someone would have shared these with me when I started.1) 3-4 Families - If you are looking for buying and holding and getting cash-flow, I would suggest sticking to 3 Families and up as after running your numbers you will notice that these properties will most of the time bring you a higher cash-flow then smaller properties due to the high taxes here in NJ.  2) Contractors - Not every contractor is made equal, obviously as investors our goal is to attempt to get the highest return on investment possible.

@David De Luna IRR is the discount rate at which the net present value (NPV) of the project is equal to zero.

@Justin KliphouseRegarding taking a 401k loan: You would have to confirm that your 401k plan allows for a 401k participant loan (and that you have not had an outstanding loan in the last 12 months).If yes, you can borrow up to 50% of the balance not to exceed $50,000.The repayment terms are equal monthly/quarterly payments (as you prefer) of principal and interest (e.g. prime + 1%) spread over a 5 year term (or longer if you will use the loan to purchase your primary residence).

@David LutzRegarding taking a 401k loan: You would have to confirm that your 401k plan allows for a 401k participant loan (and that you have not had an outstanding loan in the last 12 months).If yes, you can borrow up to 50% of the balance not to exceed $50,000.The repayment terms are equal monthly/quarterly payments (as you prefer) of principal and interest (e.g. prime + 1%) spread over a 5 year term (or longer if you will use the loan to purchase your primary residence).