If not, then this article will help you to be familiar with the 1031 Exchange and how is it beneficial for you as the investor.

That is exactly what traction helps you do that @Chris Seveney pointed out.It doesn't have to be perfect, but just getting something down on paper will be a huge help - at least, that's what I found when I started our Chicago general contracting business.  

Doesn't seem to be a lot of options around here for that though3) Continuing to rent where we live, and buy a separate property to rent outI personally feel like having my brother to help out as a renter is a huge advantage.

There is a huge gain probably in a more efficient gas system then oil so they are already getting some cost savings. 

First off, congrats on the soon-to-be dad's life—huge milestone right there!

I have around $130k in this project so far and am worried that I am going to have to take a huge loss on this project. 

One mistake is a huge deal to me.

I know there is a huge shortage of housing and that has driven up price in the past couple years (along with other factors such as the pandemic, population growth, etc) so, I see listings for 2br-1bth for up to 2200 on places like Zillow, Redfin, etc.  

A lot of investors are flocking to Memphis for its solid cash flow potential, and you can typically see strong returns (8%+ cash-on-cash) here, which is a huge draw.The job market is another factor.

Your property manager is huge.