I’m in the very beginning stages, although I do have one rental, and my primary will eventually be another rental. 

Start ups are hard, expensive, and take a long time to get going.Have you looked on Bizbuysell, Crexi, or Loopnet, to see if there is one that is already going for sale?

Far more costly to transfer property at a later point than simply purchase in an LLC on day one.

You only get one shot at retirement so I'd highly advise at least having a conversation with a financial planner.

It's one project, that's more hands off and offers great returns. 

The client has experience with renovating one other property, has other properties they rent and is also a property manager. 

(I assume trying to get free leads or market their name as the local expert.)If no one at your broker will help, reach out to new realtors.

In this case, correct, 1031 exchange is not available. 1031 exchange is property for property, and an interest in a partnership normally is not (with a few rare exceptions, so you may want someone knowledgeable to give you a second opinion for your particular situation, which requires reading your inheritance documents.)Whether or not you have any mitigation strategies totally depends on your specific situation and requires a one-on-one. 

That's a potential jump of 5.2% of active listings in one day.

No one can see it.