Typically people think FHA because it's what's thought of as the least amount down which is commonly the goal when we all get started.

However, a common benchmark is aiming for at least 6-8% cash-on-cash return based on your total investment (purchase price + rehab + closing costs).Always factor in appreciation potential, tax benefits, and personal risk tolerance.

Deviations from the Private Letter Rulings will significantly increase your risk of structuring this type of advanced 1031 exchange.You should discuss this more advanced 1031 Exchange structure in greater detail with your legal, tax and financial advisors to determine your comfort level with this complicated 1031 Exchange structure and the inherent risks involved.

Owning in an SCorp is not for all lenders, but plenty of lenders are ok with this holding type. 

There are some lenders who specialize in these types of loans.  

Networking with local investors through BiggerPockets, Facebook, and meetups can help you navigate the market, while avoiding common mistakes like underestimating expenses, poor tenant screening, and hiring the wrong property manager.Good luck!

Reach out to a loan broker with your exact info and the exact or at least type of property you want to buy and they should have options and opinions. 

Are there specific factors you look for in an area to make sure it’s a good fit for this type of rental setup?

They know how to underwrite the property types and don't weigh the file down with a bunch of BS. 

I have experience with Quickbooks Online, and looking to learn to use Appfolio as I have heard that is a common software tool used for managing the books for REI.