Luckily, having a pro on your team makes an otherwise daunting transaction much easier.You have to purchase a like-kind property, which just means you can't trade your current real estate for a vintage car or fine art.There are some timelines to adhere to:You need to formally identify up to three like-kind properties within 45 days of selling your current prop, which means you should be looking by the time you go to market.You need to close on the new property or properties (yes, you can buy more than one if the math works out) within 180 days of selling the current prop.You can identify more than three properties if you need more choices or are planning to exchange for multiple props (often an issue for people selling very valuable RE or reinvesting in cheaper markets) but there are some rules:You can identify as many as you like, as long as the total value of all of them does not exceed 200% of the value of your current prop.

I'm born and raised in Hawaii with no formal education other than a High School diploma.

I guess what I am trying to say is....hypothetically, in the event that I chose to back out of the agreement as a buyer, is there a certain template that I would use to formally notify the Seller? 

In order to make the aforementioned possible, we have chosen to go with remove the formal dining room since they are so passé these days and enlarge the kitchen and incorporate it into the family room.

The good thing is, that once you formalize your working agreement, you can essentially keep using same agreement with minor modifications.I am going to see the finished property in a few weeks.

Given I can't deny their application as I didn't send them one yet, are there any formalities I must follow to cancel the showing?

I would assume it would be the real estate agent, and if that is the case would you formally hire them as member of your business, or is it more like your just partnering with them and the brokerage?

It may be a formal appraisal, or it may be the lenders own estimate of value, a BPO, or something similar.  

I own 2 pieces of property outright and am working on closing on my 3rd investment property. At what point should I form an LLC or something similar to help protect my family and my future investments? Where do I star...

It would be ideal for ones that are formally educated in marketing and/or branding.