.-  I personally don't care much about traveling, but I recognize the value of travel to kids. 

If you sell for 300 and are buying for only 100 then it is doubtful that the 1031 would result in any tax savings to you.However, if you were to sell the lot for 300K using a 1031 exchange and buy the other lot for 100K and then buy another piece of investment property for 200K then you would recognize no gain on the sale and would have no tax due.Depending on what the specifics of your situation are and what your goals are it would be worth your time to chat off line with a professional.

However the more I learned about the business, the more intrigued I became with the ideal of being an agent - to the point that I am interviewing firms over the next few weeks to see where may be the best fit and start my training.

How to Interview a Property Manager?

I recognize the power of taking action, but taking action without understanding the consequences of what you are doing could be very destructive to your future endeavors.

@Patrick Britton  there are a set of great videos on the thread about getting busted I OHIO.. they actually do what should be done I each state by each STATE REIA  they actually interview the regulators and run through the can I do this can I do that.. 

Do not worry the city will definitely let you know if your plan details are complete or not if for any reason you  missed something and have not accounted for it in your cost evaluations (most of the time but not always) The Questions you have are really better directed directly at the GC's you will be interviewing and getting quotes from.

You may want to interview them as well.

Check out the free BiggerPockets Podcast, a weekly podcast with interviews and a ton of great advice.

Welcome to the BP community.I do lots of buyout deals so I recognize yours could be very straight forward for both if you, especially if you do it with seller financing.