John:Make a detailed budgetCheck on availability and cost of water and sewerageGet a good real estate lawyer - you may need to mediate with both current and previous owners to acquire good title to the propertyAct before the August Tax deadlineGood Luck

Lawyer in place, just need agent.

Liz,  I don't think the majority of LOers are targeting 'illegal immigrants,' ESLers and people with minus 600 credit scores... if they plan on 'doing deals' for very long?

6) Should I have lawyer to draw rent agreement or just use one from file section?

I am very familiar with Idaho landlord/tenant law (I am not a lawyer and not giving legal advice).

I am not a lawyer but I have read enough contracts to know when the terms are all in favor of the PM.  

The lawyer guru's that push LLC's for rentals never tell you that little bit of information and since lawyers are the ones that make money off of setting up LLC's they want you to get a bunch of them.Consider umbrella liability insurance policies to cover your personal assets, etc. 

A 1031 according to the lawyer I spoke to does not cure the depreciation recapture.

Unlike Florida, NY is a lawyer state so you need one to represent you.The agent giving you just one probably isnt the best idea but of course your free to use that one or get your own.  

While I do have a private lender lined up, I have no contractor, contracts, lawyer, or experience estimating rehab values.I think the key is identifying the very next step you need to take to cover your bases and then do it.So that might be reading the book on estimating rehab costs, or finding a contractor, or figuring out how to get contracts ready.What step are you on right now?