then the next is to start taking steps to really learn. first figure out where you want to invest, id say close to wherever you are for your first deal, then identify the type of property you want to buy, single family, duplex, 4 plex ect... 

@Ryan KnutsonI’ve identified a couple companies that are currently at the position I want to be in the future.

Once you've identified your market, work with a Realtor who knows short-term rentals and what properties are good ones for that purpose. 

You're able to identify opportunities and issues through the experience you've gained.

@Victor Valle -Knowing what you'd do with the $165k is the key piece ... until you have that identified, we're comparing apples to oranges.If you're curious what that $165k could get you in the Raleigh/Triangle metro, shoot me a PM - I'm happy to share some thoughts.

Identify what works for you and take the leap when something meets that goal.

Do you know about specific risk factors with rental properties and how to identify and/or mitigate them?

@Margeaux AppoldThe property is known to be vacant by the city, identified by the bright yellow sticker on the window or the door.

Poor records, owner does all his own work and maintenance, and it's hard to get a true handle on expenses.From my understanding the 45 day period to identify properties to purchase on a 1031 exchange starts the day the property goes under contract. 

On the other side, I don't need it to close and haven't identified a property to use it on right now either so why bring on the higher debt.Any thoughts on this situation or just a general practice in regards to keeping equity in a place.