A property a long distance away adds significantly to the due diligence process and greatly to risk when bought sight unseen. 

Short sighted on the part of the seller.

You need to know real estate principles, real estate law, and real estate finance.  

I drove by it right away after it was listed and made them an offer for 100k cash sight unseen.

It might be more useful to set your sights on the reality of today and tomorrow and end of the month.Things such as learning to collect the rent, learn to place good renters in the property, etc...

I recently talked to a local insurance agent that has been assisting some of the out of town buyers with insurance policies and the majority of them have purchased these properties sight unseen without any knowledge of the neighborhood they're in, school district, condition of the home itself apart from the pictures with fresh paint and new countertop or even seeing the homes surrounding it that have been condemned by the city. 

It's not for everyone, but we've had many out of state buyers buy sight unseen and close remotely.

You can't really copycat such principles, you have to think a bit differently.  

A lot of coaches (if they're good) should be able to shorten the learning curve for you individually, by understanding precisely where you're at and tailoring a plan for you... but ultimately, I wouldn't lose sight of the fact that you'll still have to put in the time and get your own first-hand experience with it - that's where the real, tangible learning happens.

The principle of a 1031 exchange may work, but the math probably won't, as has been pointed out by others.Should I continue?