In that situation you would need multiple reverse exchanges and that could get pricey.I'd say you may be better served eating this elephant one bite at a time. 

I'm currently eating up as much information as I can about real estate investing while working & going to school (both full-time).

We do want hands off commercial investment, but are apprehensive about their inflated management & hidden fees which will eat into the returns.

@Chris CorbinThey can have their cake and eat it, too.

A couple friends can rarely agree on the same place to eat dinner, let alone make decisions to run a business/invest in real estate!"

Best I can do based on your original post is with condos you really need to watch the HOA fee that can eat your returns alive if it is high.

Your holding cost will eat up the extra money you may make and better to move it and find another with the cash you make. 

You might want to check with the seller to see if they would pay a buyers commission as you might get stuck eating it if you get your agent involved. 

Lawyer expenses eat people alive. 

that is 50% of the sell no matter what exit strategy you utilize even a buy and hold. the amenities in the house, in addition to the neighborhood, will determine if its a quick flip or rental, imo. think of the holding costs. you don't want to hold it too long which will eat away at your profit...especially when you got funding from a HML.