To identify a "good" market, consider factors like rental yield, local job growth, and demographic trends.

The regulatory environment is also a key factor for me as a first-time investor. 

Hey Steve, with a conventional loan that may be possible would depend on a few factors. 

The appealing aspect here is the ongoing population growth and other economic factors.

And also, your student loan debt will have a payment factor in your debt ratios on the next home.

Expense ratios vary dramatically depending on project size, age and other factors, but basic rule of thumb is the smaller the project the higher the expense ratio's, using a 33% expense ratio for a small facility (less than 150 units) is optimistic, smaller facilities are probably closer to 40%.

Depending on who your target market is, could be an important factor as to where in Tucson you should be looking.

Plus, some of the cost that you mentioned are not specifically for the deal and shouldn't be factored into the calculations to determine if THIS deal was a good/bad one (i.e the mastermind course, setting up your LLC, etc).

Seeing these shirts every morning was a huge motivating factor for me to continue to work hard to build our real estate investing business and pursue our dream.

I think 1031-exchanges are a good idea, but there are, of course, many factors that go into what may be best for you.