Or deals that had fallen through and the seller was willing to take 30k less in exchange for a no contingency offer.

Not doing 1031 for a reason.

Im estimating total 15-17% tax so total around 50k if not doing 1031 exchange. 2) With 1031 exchange i know its a million things to know, 45day then 180day rule, 200% rule etc etc but main thing is id be buying out of state condo/land in Miami area and SFH renovatable home in CT stamford area.

He is putting in 15% of equity as his family office as a TIC, tenant in common to the deal via a 1031 exchange, so that aligns him with LPs better than 99% of deals out there, also GP fees are fair to reasonable, 8% pref, then 80/20 and then for >14% IRR, they split 70/30, so better than 95% of last 100 deals I have seen.

If your goal is something longer term or diversification based, maybe treat the down payment like a CD with a big potential bonus that'll pay out when you refi when rates drop, or 1031 exchange into something bigger in 10 years. 

In essence, after two years I would have turned a $192k down payment into $284k equity (minus agent commissions and closing costs).Net proceeds after selling = $284k - $38k (6% agent commission) - $5k (estimated closing costs) - $7k (cost to hold for 2 years w/ negative cash flow) = $234kAfter selling the property, my plan would be to roll this equity into other investment properties through a 1031 exchange.Questions:Is this a good opportunity?

In essence, after two years I would have turned a $192k down payment into $284k equity (minus agent commissions and closing costs).After selling the property, my plan would be to roll this equity into other investment properties through a 1031 exchange.Questions:Is this a good opportunity? 

It may be worth your time to connect with local real estate agents and ask if they can teach you how to search in exchange for generating leads for them.

Just like everyone else in the world, I exchange my time, work ethic, and knowledge for money.  

They have capital they need to invest, maybe a 1031.