Am I crazy for still renting while simultaneously renting out my first house?

In order to complete a 1031 Exchange which is not simultaneous (99.9% of them) you will need a Qualified Intermediary.

@Charlie MooreWhat we do is try to schedule as many as viewings as close to one another as possible so that tenants can see the traffic as one tenant is leaving another one is coming in OR we even show 2 tenants simultaneously. 

If you have that much in reserves for each property, you should be in good shape if you happen to need a roof at one place and a furnace at another simultaneously. 

It is encouraging to know my real estate career may begin simultaneously with my medical education.

I couldn't believe their agent thought it was a good idea to flood the entire Grant county market with all of their properties simultaneously.  

I would advise you to work on both simultaneously.

I'm familiar with IRR, and I could see it having a place as an output in my analysis.My main goal is to capture the most commonly used metrics -- and based on the people I've talked to, books I've read, podcasts I've listened to, and blogs I've read, the most commonly used ones seem to be cash flow, CoC Return, and Cap Rate -- and allow a person to compare many properties using all of these metrics simultaneously without any a priori assumptions about which ones carry more weight than others.

Too much going on simultaneously, so simple is good for now.I really appreciate the input everybody!

I will admit, there is some comfort in having solid equity in a property, just in case values tank, rents drop, hyperinflation occurs, there is a run on banks, and simultaneously cows jump over the moon - If there is a worst case scenario, I could get out easily and in tact.