I highly recommend a well-qualified REALTOR who works with investors and knows how to help you best.7.

With your background in real estate (STRs and assisted living), commercial MAY make more sense and then if there are any residential deals you can take them as well.

Purchase Price:Focus on areas where the rental rates align well with your purchase price.

You debt to income (DTI) is calculated from your income as well as your liabilities. 

I am actually open to hear about other areas in the states, but the general direction is Jacksonville at the moment.I totally agree about the partnership part.That is why I am working with one :) Are you thinking of buying in Jacksonville as well?

Works just as well for a two family worth $1.2.

It's a small place so I'd guess it won't rent for enough to cover your expenses anyway so I'd probably sell, especially if the loss is small, it unless it's in a great neighborhood that you think will do well over time. 

You also mentioned an unpaid water bill, so be sure to deduct any outstanding balance from that bill as well. 

I am currently going to community college as well as in the process of getting my real estate license.

I have already sold by owner and am well aware of 1031.