When researching the competition, you must compare like to like properties.

I came across a property that is magnificent but I lack the finances to purchase it out right.

This has had a net positive effect on mortgage rates with prime Government and Conventional (FHA/VA) often beginning with a 5 in the front and some DSCR rates now in the 6%'s...The on the ground response is likely a dramatic increase in buyer activity/competition.

Sorry for the lack of good advice but we are in one of the biggest home sales droughts in U.S. history so it’s just a tough market. 

There was a time when to be competitive in this market your best option would have been to pay cash, but with current market conditions I do not think that is necessary. 

Less competition: With less attention from institutional investors, individual buyers often face less fierce bidding wars.6.

And honestly I'm kinda worried about how it all goes due to my current lack of knowledge, but I'll do my best to make it work out no matter what.

For me I tend to look for markets not on the lists because maybe less people will be investing there and prices will be more competitive.

If you choose to work with an attorney for your 1031 whose experience is limited to a few 1031s a year (even though they may have a vast real estate background) you'll likely not get the economies of scale and a competitive price for your 1031. 

What makes a market rough is the barrier of entry to “real deals”.In competitive markets the MLS numbers won’t work for a disciplined investor and good markets are flooded with cash buyers who overpay either cause they have deep pockets or they don’t know any better.