For example: If a tenant applies for a $1,000/month rental and they have gross monthly income of $3,500 they meet the first criteria, but when applying the second criteria you find they have a $500 car payment and $250 child support payment.

We have a RE attorney & mortgage broker to make sure our operation is legal & compliant.

This can help tremendously as it teaches you the ins and outs at a local level.Hope that helps! 

I’m just taking it one step at a time, learning as I go, and trying to set things up the right way from the start.

I am partnered with a contractor who comes out to look at houses with me, so that does help.

I'm with @Huong Luu but would add join a local REIA and find some PMLs they are always hanging out at meetings.

And I have turned a few down too because something better came along . 

I am pretty sure you can not do a 1031 and use the proceeds to do anything to a primary residence.

Would love to hear thoughts from others who have been in a similar situation!

( Think about this)Vacancy & Maintenance – If your place sits empty for even a month, you’re covering both a mortgage and rent.