Since 1031 is available to both US citizens and non-citizens you'll have no US issues with purchasing US property and later 1031ing it. 

The deal is a good deal to wholesale, but I am particularly interested in the house.It's a duplex, which I plan to buy using FHA 203k financing.  

Gated community, 3/3/2car 1512sf built 2006 Monthly costs Hoa 66, insurance 57, management 89, taxes 58 rents for $1125 $212k value = $170k loan @ your 4.612% = $873 total $1143 (minus $18/mo)In the last year I had to paint the trim ($500) and fix clothes washer ($237)#2 preferred single story model, not Gated community, 3/2/3 car 1456sf built 1993Monthly costs Hoa 0, insurance 44, management 90, taxes 64 rents for $1125 $250k value = $200k loan @ your 4.612% = $1027 total  (minus $100/mo)In the last 2 year I have had zero repairs #3 non-Gated community, 3/3/2car 2200sf built 2007Monthly costs Hoa 57, insurance 46, management 98, taxes 74 rents for $1375 $264k value = $210k loan @ your 4.612% = $1078 total $1353  (plus $22/mo)In the last year I had to replace the stove ($590) and fix a sewer line blockage ($125)In north Las Vegas sewer is included in garbage,recycling/water bill from the city. in Las Vegas I bill the tenant for sewer per the lease (about $250/year)

@Jack B.Three scenarios: 1) If you reinvest- yes it is traced to that activity and deducted2) if you use it for personal use - non-deductible3) if you hold on to it on your LLC account/ books, but dont reinvest - it can be argued that you are holding on to that money for future repairs and stuff and you refinanced/mortgaged because the interest rate was super low compared to what coming in the future.

SO most you will approach will not be particularly motivated.

He's telling you to wait a week because you're going to go look at cars in person, or put your contact info on some website, to "think about it" a week earlier than whatever he tells you (this is 100% true, and as a lender I will not believe you if you tell me otherwise... sorry :P ), and the second you walk onto that car lot a bunch of car salesmen are going to descend upon you, deploying various lines of BS as a pretext to run your credit ("it's a soft pull" or "we just need your SSN to verify you aren't a terrorist, we aren't going to run your credit") and close you on a car that very day, and there is greater than a 0% chance you will believe what they tell you and screw everything up.The rule is that whatever you tell homebuyers not to do, some non-trivial percentage of them are going to push it one notch farther than you tell them.

Do you have a particular asset class in mind? 

That is certainly one smart way to approach this plan, particularly in the early days where minimizing risk is essential.In my experience, starting out as a Joint Venture is an effective way to team up with another investor.

You have the same $7k/mo you started with for your home purchase.Reserves should be a non-issue assuming you have retirement accounts with that kind of income. 6 months reserves is only $20k, a pittance.

It’s not particularly attractive, and if removing it will allow you to create better flow, that will probably add more value than the fireplace itself.