I'm back into the baby steps of studying and game planning, but I've done some research and am considering pulling the trigger on my first investment property.

@Dave Foster is another 1031 expert and provider you might want to consult.Before you embark on this journey, you need to evaluate whether the game is worth it.

( since he is very smart, liar and good in playing these games, I want to be on safer side) please suggest

Then you can choose the amount of the risk you want to insure verses a lender that has skin in the game requiring you to insure the full amount.  

I have been a professional baseball player ever since I was drafted out of high school so all my attention has gone there but I'm ready to dive in the game. 

But...http://www.exeter1031.com/arti...That loophole is closed if you don't live in the property first.Also, if the OP is already in the process of closing this month (not many days left), can he 1031 the transaction at this late stage of the game? 

I'm back into the baby steps of studying and game planning, but I've done some research and am considering pulling the trigger on my first investment property.

@Jordan Brant For every statement out there about being late to the game you will find another investor closing on a deal in the same area.

Keep it simple (easier said than done)Meaning:a 20k to 40k rehab is 10 times simpler than a 100k rehab (although the budget is only 2.5 times)A 100k rehab will likely yield a much higher return but the complexity will by many folds.

Long worded I know and I apologise for being green as grass, I'm as new as they come to the game but feel I have a good opportunity here.