It may be a good idea but I'm not sure how long it's self-sustaining. 

Long term goal of creating passive income and building value with others whenever possible .

Yes you can buy 2 properties as long as the combined price is the same as the net sale price of the one sold @Dave Foster is the expert and I use him for all my 1031 transaction.

A flip last year that didn't go so hot, but I'm out from under it now.

After long consideration, I have finally decided to purchase an investment property.

Why do you think purchase contracts are so long and have such small print?

Are you looking for long term rentals?

I used to do it all the time but haven't had a need in the last 3 -4 years.

For example, if there is some dispute about whether someone has an interest in a property, they can sign over their rights without ever establishing what those rights are if any at all to clear up the issue.

I am in the process of gaining expertise in land wholesaling and I am seeking to establish connections with builders, real estate agents, and investors who are acquiring off-market properties.