But not just any rough area, find the areas that you think will gentrify in a few years (less than 5), buy a rough house, fix it up and wait.

I am a long-term investor with a buy and hold property in Brooklyn, NY and I also own multiple lands in Florida and Mississippi.

All set to jump my start career as a investor to do fix/flip and buy apartment units  ,any suggestions how to move forward.

The LLC sells the subject property and buys, for example, 3 replacement properties in a 1031 exchange. 

In answer to your question- Yes, I hope to buy and hold here and flip when possible.

What else would you do with the cash if not buying another investment property?

Some 'ting fishy and smell of foul odor.ARV of $375,000 and buying for $103,000?

Please see the rough numbers below :Tear down house price 350k,Construction cost 165 sqft * 2 build=627k too much for the land unless your exit is 3 million. don't reinvent the wheel. no single family home builder is paying 300k for land. that's miami florida prices where I live. we buy land 50k and under in Columbus Ohio. keep land at less than 10% of after built value.

It will be even harder as a young person with no life experience, and particularly no experience buying real estate. 

I originally wanted to buy into a vacation rental market but this last year has been crazy and we seemed to have been priced out.