The key is really focusing on the right neighborhoods, knowing your numbers, and being patient for the right opportunities.As for the fix-and-flip market, the lower entry costs can definitely make it a great place to start, but you've got to be mindful of renovation budgets and timelines.

This can be made easier with a Masters in Real Estate or Finance, or an MBA.  

You can use the 1031 to sell a larger unit that provides better cash flow while minimizing active management.You can either try to cluster those sales together so they close in a way that lets your replacement property be listed on each 45 day period and you close on it within 180 days of the first sale (the first exchange that will expire).Or you could do something like a reverse exchange where your Qi purchases the new property and holds it for you for up to 180 days while you sell all of your properties. 

:) Looking forward to deals I can connect my investors with!!

It’s quick, clean, and you can reinvest that cash into another deal.

It might help you avoid penalties if the IRS goes after you later.You can claim the labor expenses even without 1099s, but you will technically be in non-compliance.

I would appreciate anyone who can point me to guidelines that can confirm one of the two information.

- You can find this out by going to Zillow, selecting your Zip code or Neighborhood, and looking at current rental listings.

Other distractions include non income-producing activities - aka any distraction pulling you to do something other than speaking with and following up with people.How can I prepare myself?

Find one that can be custom to your needs, has flexible pricing, no long-term, high-cost memberships, and excellent customer services to determine how to best market to your leads.