@James Wise I think so.

Typically more regional sized lenders are the ones providing more options program wise, but it only takes one local community lender with a good program to make it work. 

This on is not a good investment income wise, speculation wise it is always a crap shoot best left to markets that show consistent high appreciation.

Attorney's can do 1031s but most do not or if they do they only do them occasionally so you do not get the benefit of scaling volume price wise or experience. 

Choose your pressure washer nozzle wisely!

Family wise, we're pretty stable - family of 4 w/ 2 young boys (4 and 5) and typical monthly bills. 

What is your partner/cousin expecting regarding a return on his investment - both in a regular cash flow sense while you keep and operate the property as well as factoring in what he expects return wise on a sale or potential refi (not sure if this is a long term hold for you all or a shorter horizon type of arrangement). 

I think right now I am really interested in doing some fix and flips to get my feet wet in the process and turning them in to rentals if things don't work out budget wise.

@Brett Aguiar choose your tenants wisely.

We'd all be better off tax-wise leaving to our heirs of course.A renewable lease option is a cool idea i have tried.