Additional info:primary 1031 exchange rules and requirements include: 1) same taxpayer: the taxpayer who sells is the taxpayer who buys, 2) property identification within 45 calendar days post closing of the first property, 3) purchase of the replacement property within 180 calendar days, 4) trading up: the price of the replacement property is equal to or greater than the old or relinquished property, 5) hold time supports the intent to hold for investment, and 6) related party transaction regulations. 

Buyers and sellers can agree to anything,,, then the bank and its appraiser sets the real price it'll trade at.  

Its brilliant at changing your perspective from looking at bottom line dollar amounts to looking at the trade offs in terms of rates of return.

Because if you decide to "trade up" for a bigger property in NYC in 10 years, that property will have also appreciated a lot, so you'll be buying high and spending a ton, and the profit will have been on paper only.

@Michael Brittner -  I might not be exactly what you are looking for, but I am a local investor (and engineer by trade) that has a few SFH rental here in the Charlotte area.  

I would consider myself a "Jack" of all trades.  

I have been working in the trades for over 10 years and I have lots of good people. so let me know if you need anything else.  

@Simcha Davidman seek for a local wholesaler and learn the trade, you will get the best deals that way, I agree with @Judy P. when she suggests to start with Single Family, what if you really don't like being a landlord of one family, how will you handle multiple? 

Despite being a "numbers person" by trade, I've been surprised by all the expenses in rental ownership that I had never even considered. 

I highly recommend going with a bigger brokerage first to learn the ropes, contract language and tricks to the trade.