Btw, about the need for rehab, I'm talking about what I think should be fairly straightforward things, like replacing carpeting, repairing drywall, but not a complete gutting and remodeling.

Pro tip--make sure your exhaust fan in the bathroom is vented to the atmosphere--meaning out to the outside.....go out the roof or out the side of the unit or secured to an opening in a soffit vent grille off the house. 

PRO TIP: Some counties will work with you as the new "owner" on code violations.

Feel free to ask anything, anytime.Cheers @Nick BelskyThank you for the tips.

I want to learn how to do this the right way, without coming across as overly focused on profits.If you have any tips or experiences to share, I’d be incredibly grateful.

They usually do not have these figured out, I mean sure, everyone wants to 'make money', or ' own 10 properties in 3 years', or (my favorite) 'replace their W2 job in 5 years'.....but they have not thought any further than those basic (and misguided) goals.

The definition, like so many other words, has been replaced with what was that of desire. 

Examples could include:Partnering with other investors to share risk.Using seller financing or lease options.Leveraging creative rehab techniques to save on costs.Negotiating with contractors in a unique way to reduce expenses.I’d love to hear any stories, tips, or approaches that helped you pull off a deal others might have instantly passed on.

@Angelica CrawfordHere's a very helpful article about replacing the value of the debt: https://www.ipx1031.com/replacing-debt-in-a-1031-exchange/

Needs more cosmetic work than major rehab, and roof was recently replaced.