As you indicated, make sure you leave something in the plan for contingencies (absolute minimum of 10%), and keep in mind the cost to hold during the time it's under construction and being marketed.Make a plan, check it twice, and decide if it's worth the effort. 

Is it required to have a brokers license or be listed under someone that does? 

I remember back when I was ramping up my own rental portfolio in those early-2000s San Diego days, I learned the hard way that ignoring “little” costs..like that termite treatment or the property manager’s onboarding fee..can turn what looked like a sweet deal into something that barely breaks even.Let’s say you pick up a property in one of those under-the-radar neighborhoods in Omaha or maybe on the south side of Chicago..markets I’ve seen a few colleagues dabbling in lately..you’ve got to be ready to get real about the numbers.

You don't want to be under the gun of the time frames in the 1031 without a deal.I'd start with finding deals.

Getting it under market value would be a bonus.So, would using an FHA 203k renovation loan, which would allow me to buy something unqualified for a standard mortgage, which would weed out a lot of competition and push the price lower.

@Deena Laugen The City of Naples has completely banned short term rentals (anything under 30 days).

Some lenders might scrutinize multiple properties in the same area under second home mortgages, so you'll want to ensure your intent to use each property personally is clear and genuine.

Smoking cigarettes is also quite legal, and also prohibited under the lease.I think your argument on unit count is a red herring here. 

A Loan Advisor from Vystar Credit Union gave me the following information this morning for undeveloped, raw land in Georgia. 15 year term, 20% down, 9.5%Residential land under 15 acres, no structures. 

I have a couple rentals locally (South-west Denver suburbs) and my goal was to buy a rental a year.  I rented out my first primary residence in Morrison, CO in 2018, and purchased my first true investment property in ...