It's a lot easier to deal with a locally owned property during the "learning process" than having to pay a property manager or fly in the manage an emergency.

But if you're moving into emerging areas it can be much less of a problem.In terms of execution the 1031 exchange is no different than what you do now - Market, sell, search, and buy new property.  

Having an emergency fund for next 4 years is in order.

But, before I can make a transition or buy a house to renovate, we need to save up our emergency, and a down payment (having a significant down payment is what my wife and I are comfortable with and desire to do). 

Thanks for the heads up, unfortunately I'm stuck in Austin for some time due to family emergency.

Account Closed Here's a list of expenses you need to be able to cover on top of your down payment:Make sure you have enough in the emergency fund to last you 3-6 months in case you lose your jobClosing costs: usually 1-2% of purchase price (this includes financing/bank charges, inspection, appraisal, etc.) plus points if you decide to buy themInsurance.

Just got back from an emergency after hours plumbing and drain cleaning call.

I am looking in all the emerging markets.

Do you find that direct mail would work better in a competitive or emerging market?

@Michael Karl  @Hank Silva   @Brandon V.Here is the complete code section on egress window. 2012 International Residential CodeSECTION R310 EMERGENCY ESCAPE AND RESCUE OPENINGSR310.1 Emergency escape and rescue required.