First step is a very rough estimate to see if the property is worth evaluating further, next is a detailed estimate on your own when you go out to view the property if you do so that will decide if you want to make an offer. 

I have been watching every YouTube video I can, reading as many books as I can, and talking to every investor I encounter.

A good QI will ensure that any details of a Construction 1031 are taken care of, so I would find one you trust and then consult them on the best course of action.For a little light reading, here are some articles on this type of exchange: http://www.exeter1031.com/construction_1031_exchan...https://www.1031exchange.com/improvement/https://www.cwscapital.com/insights/understanding-...Best of luck!

@Lauren Speidel thank you for the extra detail.  

Feel free to PM for more details on the project. 

@Steve Vaughan, thanks for the detailed description.

I have some questions about how our profit/ payment structure is setup, here are the details:--- 4 Owners in an LLC taxed as an S Corp--- Myself and 2 other people have 30% equity ownership and the fourth has 10% equity ownership.Currently we have agreed on that the GC/ my friend/ business partner who is a 30% owner, gets paid every two weeks an hourly wage but that payment is deducted out of his profit he receives at the end.Should these hourly wages not be deducted from his profit and he makes profit plus hourly?

SEO, Video/Audio editing, data scrubbing, to name a few.

He has even sent video updates of his work progress.What pleases me more are the additional steps that Bryan and City Waterproofing have taken to ensure an enjoyable business relationship.

So I am planning on figuring some type of possible commercial activity tax depending on City/County/State regs (payable by the 401k entity) and detailed on its own tax return, based on my BP education in process.