We don't all walk perfectly at first but seem to get the hang of it along the way. 

@Darius Moezinia Refinance right after the completion of a 1031 is perfectly acceptable and is a frequently used strategy when cash is desired by the exchangor who does not want to create a taxable boot situation by taking cash or be seen as inappropriately accessing profit by a refinance immediately before a sale that begins a 1031.

Haven't found a perfect solution but one with lots of good reports for investors is Propertyware.  

@Tyrell Perry You however have the reserves and the team, where by it would make sense for you.But for @Ryan Conklin, being in college and "scraping together some cash for a property" , I would not advise it.I have a few people here in KC that have perfected their model for the $15 to $30k in the urban core - that I have vetted and know personally, I would say investing as a private partner on a deal or two with that person or someone like these folks, maybe Tyrell, and you would probably make more money.I wholesale urban core houses from time to time I have a pool of about 4 of 5 investors who buy, so I love to sell to them.    

Perfect first experience for us.

The reverse is true for better areas.Another thing to consider is the attitude/expectations and upward mobility of tenants: Tenants in the very best areas may be "entitled" and expect a perfect unit and lots of improvements. 

Full time Realtor is perfect for someone who flips and owns rentals. 

I'm not encouraging that you leap before looking, do your due diligence and learn, but do not wait for the "perfect" deal or for the opportunity with no risk - you'll wait forever.

Thanks @Tom Day, makes perfect sense.

@Ann Bellamy  that is perfect!