In any case in the current world and political climate I strongly recommend working with a property manager even though thats an 8-10% hit on gross revenue (though a good PM is very much worth that IMO)  I would recommend trying very hard to avoid buying a single house to rent out.   

Account Closed, To completely defer all tax you must purchase at least as much as your net sale ($450K) and use all of the proceeds ($0 in this case) in the next purchase. 

Case in point: I like one home that costs 160,000.

You're going to have to learn about houses in your area: what's a good build, what's a cheap one, how to renovate good builds, how to stay away from properties that have been monkeyed with, and, very rarely, how to find value in places that others have turned their backs on as money pits.My constant case in point for this is the brick-veneer over-under duplex that I live in.

Julia, is that the case in all markets or just in Jacksonville? 

Regarding the NII comments earlier...there is actually a case in the Supreme Court that MAY strike down the NII as unconstitutional.   

I did all the work I sourced it they never came to see it until we did the quick inspections.. and yes I made 100k as the broker... but they got a fabulous building the seller paid my fee as is the case in 99% of these deals..   

@Sam Grooms is a special case in a couple of different ways.

Case in point, check out this thread (a very long read and one of the longest running threads on BP, but an invaluable read none the less): https://www.biggerpockets.com/forums/93/topics/58383-the-truth-about-wholesaling-I created this thread many years ago not to "bash wholesalers" but to educate them.

Unfortunately, that wasn't the case in my area.Recently, I was shocked to receive a bill from Privy that not only charged me for my annual fee but doubled the charge.