My "Why" is because I want to continue to be an active mom in my children's lives (more specifically...not to miss school events, milestones, and just spending time with them), to be able to leave something behind for them (and future generations) that they can build on/take over if they want, and to continue to fulfill my wanderlust as much as possible.       

This may not seem like "income producing" activity at the moment, but it's critical for putting yourself in a position to generate revenue.2) Get to know the buyers in your area. 

I have one advice for you: if you have some capital to deploy in marketing activities to get leads and the patience to wait for over a year or even two to make money, then wholesale. 

But you're total gain including depreciation recapture was $60K so you would end up having to pay the tax on all $60K - no benefit to the 1031.The other question you're hinting at is what if you bought a tract of agricultural or hunting/fishing land that you intended to use for productive use (wilderness activities, rental, agricultural, livestock etc etc). 

Seems like you got a good start :)You can meet local investors both on this site, by being active in the forums, making connections with local investors, and even better by attending local events or real estate meetings.

Looking to do my first BRRR very soon...oh, and I'm also a Professional Engineer and posted in the commercial real estate forum about Phase 1 Environmental Site Assessments...so I could help out in that arena if anyone needs it....thanks!

Staying active on these forums and listening to podcasts can help you as well :)

My income is not very high, so debt-to-income assessments won't get me the financing I need.I need $450-500k for construction. 

I don't want to build a team of investors yet but just myself and friend of mine decide to be active investors is there a need to have an attorney close the deal?

Calculate your bottom line using 70% of ARV (After Repair Value).Do not spend more than (.7*ARV)-RC (Repair Costs)Example: House is appraised at $100,000 *if repairs are made*...7*100k = 70k.Repair costs are expected to be $25k. 70k-25k = $45,000 (DO NOT BUY THE HOUSE IF IT IS OVER $45k)Take another look at the ‘going rate’ of rent in your area, make sure your cash flow is enough to cover ALL costs and include a buffer for taxes and unexpected repairs.Look at the property yourself - try to eliminate assumptions.Have a trusted professional assess and confirm info about repairs that may have been overlooked.Look at how much work you can do on your own and compare it with contractor rates to complete all repairs.