Right now I am superficially examining many locations thinking that I will do the nitty-gritty analysis of specific properties once I decide upon a general area.

Any advice to calm my nerves?

I have fund that in my market the 2/3 or 3/2 SFR is the preferred market I actually met today with a local investor who helped me get inside on the local market and calm some of my beginner nerves.

But if your exchange is ever examined your intent will be judged by your actions.  

Members can find what they are looking for, check out each product, look at the brand, and decide what to buy.If they believe that they are not entitled to LTCG treatment on the sale of a rent house they owned for two years because when they bought it, their intention was to re-sell it, but they rented it instead, then they should not report the sale as a LTCG transaction, and they should not try to do a Section 1031 Exchange.But as a former IRS Tax Examiner and a current Tax and Real Estate Attorney going on 33 years, and licensed in three states and the District of Columbia, I am not aware of single sentence in the Internal Revenue Code, the Treasury Regulations, Private Letter Rulings, U.S.

But on the other hand this kind of thinking also just feels a bit like beginners nerves and it seems that getting started with a decent deal now is better than doing nothing.  

After failing the state exam in 2008 we once again put this dream of ours on the back burner and continued our lives, always dreaming of one day jumping back in.Finally, in 2015, both my wife and I passed the Florida real estate state exam, and officially became licensed to sell real estate Florida.

My wife will take the real estate exam in August so we are gearing up for this hot Seattle market.

Examine any existing leases and obtain estoppel letters from tenants. 

It's nerve wracking dealing with that kind of large (to me) money.