She has not lived in the home for 2 out of the past 5 years, so capital gains would be an issue if we wanted to sell it without a 1031 exchange. 

OR Hire a really experienced Realtor that specializes in Investment Real Estate that has gained valuable contacts over the years that could provide you with access to their resources for free OR Work directly with a Real Estate Investing company with decades of experience that can provide you with access to their contacts for free2) Finding a deal: Here's a few ways to go about that - You or your agent can search the MLS and crunch numbers on property advertised on the retail market and hope to find a deal that all of the other real estate investors in Texas may have missed OR You can attend auctions and try to outbid all the other seasoned investors there only to realize if you win then that means you paid too much OR Have random wholesalers send you the one off deals they get under contract OR spend the time, money, and energy in trying to become a wholesaler yourself OR Work directly with a Real Estate Investing company that can send you the largest source of deeply discounted property sent directly to your inbox in the form of a daily spreadsheet.3) Estimating Rehab, Holding and other Costs: Read FLIP by Rick Villani and Clay Davis and The Book on Estimating Rehab Costs by J Scott.

Live in flips take longer, because you want to live there for at least 2 years to avoid capital gains taxes.

For instance, if the farm has "hot assets" (e.g. unrealized receivables, substantially appreciated inventory, etc) your FIL would have to realize ordinary gain from the sale and can't defer that through installment.A Sec 754 election needs to be discussed as well if you're buying out your FIL's interest but your BIL is staying on.A good CPA is going to cost you, but will save you far more than his/her fee by doing things correctly and efficiently."

I’ve gained a lot of knowledge online about wholesaling, but majority of the people mention to check with your lawyer about legal and illegal processes of wholesaling in your state, but don’t really tell you or give examples of what to ask.Any experienced people have questions that I should for sure be asking?

Also if I take my capital gains from a sale of another property.

@Adam Scheetz, I am an investor that is looking at long-term gains and I have purchased a nice property below the 1% rule.

Some areas are at different places in the real estate market cycle so you might gain some advantage from finding somewhere earlier in the cycle than Denver is at the point in time.

If you gain enough equity you could refi at 75% or so.

If you buy retail and are not able to add value the only way you can enjoy a gain is through market movements.