I know this is a very big procedure but I'm sure with proper planning and networking it can be worthwhile.

We've found that the savings are worthwhile on SFR builds.

Some states also have a disclosure form or letter that is signed at closing... you may want to review the closing papers and see if the buyer signed anything to the effect that all known defects were corrected or the like.... send them a copy of you find it, and I'd send a copy to the agent as weel so they can sure for their $2500 back if they like.Just my opinion but a $100 consultation fee to a local RE attorney may be worthwhile in this situation.

It might be worthwhile to team up with someone already in the business and learn the ropes from that person.

I am wondering if it is worthwhile to purchase a list, drive the list, and narrow it down to control costs? 

For what its worth, I am deeply cautioned by the realization that those of you who know Real Estate so well found nothing worthwhile in my plan. 

The blog by Jeff Brown in today's newsletter (http://www.biggerpockets.com/renewsblog/2015/07/25/real-estate-investors-myths-eternal-truths/) was the latest place where I heard him beating the drum about 1031s only being worthwhile as a last resort.  

The only way I see Schenectady being worthwhile is if the casino brings taxes down, then landlord profits and home values will rise overnight, but there's a lot of debate as to whether or not that will happen, and Schenectady has somewhat of a reputation for being corrupt, so I don't want to speculate there personally, but it could be a gamble that pays off.

Now in MD and VA, it may be worthwhile.  

The only difference is that you are buying it from the eat rather than the current owner.Reverse exchanges are trickier, more expensive and require larger gain to be worthwhile.