I'm in the Greater New Haven area, CT.  

Again, if your $250k is true, and includes all the electrical upgrades, new plumbing runs, potentially new foundation pour (since I assume the existing garage slab is not capable of supporting a new two story house), I am guessing since I don't know the market, but assume you will have a lot of equity by completing the project.

Demoed the house, will be building a new house on site.

Hi Linda,Lots of great advice from @Carla Gordon @Brian Schroeder @Jay Thomas Specifically I think it's always smart to check out FF Traveler sear https://www.furnishedfinder.com/housing/New-York/New-York) and Airbnb/VRBO for 30+ days stays to gauge what sort of similar properties are currently out there!

I'm new to this platform.

Off market and the new the owner used an agent so I reached out to the agent and made an offer How did you finance this deal?

Quote from @Daniel Osman: Yes, you can use a 1031 exchange to acquire multiple replacement properties in Florida from the sale of your investment property in New Jersey.

It can be done for new build but not rehab since all rehabs are different. 

My realtor recommended SDIRA Wealth, a company known for its high-volume new builds every year.

Meanwhile, gross rents of $1,800+ for 3-bedroom single-families is an achievable figure, so it’s possible to generate cash flow if you lever modestly.There’s a bunch of other stuff that’s worth highlighting—the economy, demographics, neighborhoods, new construction, and more.