Yes, it's possible to use a 1031 exchange to roll the proceeds from selling your first rental property into a BRRRR (Buy, Rehab, Rent, Refinance, Repeat) deal, but there are a few important things to consider.

I'm not bold enough to buy real estate at negative leverage - few deals in my area (and I presume, Manhattan), are trading at "Cap Rates" greater than 7%. 

The suburb I'm buying into here is in the top 10 fastest appreciating cities in Ohio. 

Personally I wouldn't buy it.

I plan to buy a waterfront property. 

Buy a franchise type business, place it in the space, and sell a turnkey operation with built in lease.2.

Then, the opportunity to buy and completely control the property, while having their seller/wholesaler do all the work.Sign me up.In fact, 50/50 JV splits are common.

Unless this is your 5th, or 10th flip, expect to lose money buying yourself a job.

My name is Pete and I'm looking forward to buying rental property income in the near future as well as increasing my knowledge and education in real estate.

Might be better to sell and use that money to buy a rental.