I have bought and sold a few houses but first time doing a 1031 since saving on cap gains makes sense.

I was doing a lot of legwork and still paying RE agent for the transactions up until got my own license.pros: no commissions in your transactionseasier qualification as real estate professional to offset high W2 of spousecan get access to any house/ easy logisticsmore control in the transactionMLS access with all the information on tip of your fingers, you can move fast with the deallicense knowledge helps to make better decisions and gives broader understanding of the industrycan legally do property management for others, wholesale (many states now making outlaw to do it without license)cons:need to take an exam (it needs preparation and to be good not just barely pass you need to study)fees you pay along the way (MLS, brokerage(I signed with investor-focused on and have a monthly fee and a transaction rate))self-management including taxes and feesneed to relicense + paid education Don't forget the biggest con.

I currently live in NYC area and am looking to house hack here (NJ/NYC) with a building up to 4 units (FHA loan).

I'm looking at jumping into my first house flip.

Because we lived in the house while renovating we had no added carrying costs.

The house is fully complete.  

Quote from @Nick Bednarczyk: 5 Important Lessons for New House Flippers1: Thoroughly research financing options 💵Using a hard money loan can be a smart way to fund your flip, especially if you don’t have a lot of cash on hand.

@Nadir M. tenant is responsible but realistically if a wasp nest is attached to the house I remove it. 

A friend suggested setting the high school rating above 7 in the Redfin search engine, along with other filters, for my house search.

The tenants would have to supervise the bunny closely if loose inside the house.