I think a great way to begin is to start learning everything you can and to start with cash or access to cash and then gain experience and credibility.  

@Chris Hannigan did you make any improvements to the property?

Either you haven't been completely transparent here, or you need to learn a bit more about how to improve your credit to put yourself in a better buying position.

For me, the cost of being an agent is mostly in the costs to get MLS access and pay the local Realtor association, not with the brokerage.

In fact, it's standard to "leave meat on the bone" for the next buyer, so they deliberately will not complete every possible improvement to the property, and then the property can be marketed as such to the next buyer, along the lines of "25 units have been upgraded and the rents are $50 higher.

If you are trying to use the "Delayed Financing" exception a couple of things you should keep in mind, #1 you must have paid all cash for the property (no borrowed funds for purchase) and no liens on the property #2 you can use the maximum LTV allowed for purchase of property (ie. for an owner occupied property 97/95% LTV or non-owner occupied max is usually 80-85% LTV) #3 must refi within 6 months of purchasing the property (so for the most part you are going to use the purchase price plus improvements rather than the new appraised value) #4 property will have to qualify condition wise within the lenders guidelines, so no major work should be outstanding like broken windows, holes in the roof, ect. 

PM me off list with an email address and I can send you a Document that Texas Association Of REALTORS (TAR) suggest for members to use with landlords having questions about granting access to Assistance Animals. 

Depending on the amount of your profit and the size of the down payment you could simply do the 1031 on the cash you received and take the note as boot.In the right circumstances if you've got access to cash doing a 1031 combined with owner financing can be a great way to multiply your cash flow while deferring a lot of tax.

Biggest attraction for the house itself would be a more family atmosphere, big yard, and close to river access. 

This led me to think about what the best way is to estimate land value apart from the value of any improvements.