My main concern is that I don't have any construction background and I have never rehabbed a property before so I don't have any real world experience regarding the costs associated in doing so.Once I find a deal that looks promising on paper and I physically go walk the property with my realtor how am I supposed to determine a rehab estimate without any prior experience? 

She would get the primary residence exclusion of the first $250K of profit tax free if she has lived in it for 2 out of the 5 years immediately prior to sale.If it's a rental now then you can do a 1031 but she will not be able to move into one of the properties for a year or two since the 1031 is for the sale and purchase of investment property only. 

I picture this more like a deed restriction than a recorded document that would be cleaned up on title prior to the first transfer after recording the right of first refusal.Anyone have any experience with something like this?

I'd spend more of my time understanding the sub-markets of where you plan to move/invest in and track what's going on locally there, then familiarizing yourself with legal processes; maybe even start to make local contacts there prior to your relocation.

The cost to get a license is irrelevant compared to the earning potential.

Any fees paid prior to closing?

I would consider building your own Roth and work both accounts together and if you get to the point that you are replacing your W2 income you can live off the income it is easy to take the money out of the inherited IRA at your spend rate. there is also a way to take the money out of your Roth IRA prior to reaching 59.5 years old.

Vacant land prices are relatively inexpensive compared to existing building structures including ones that need to be renovated.As for the new rules coming in place, it just makes it that much harder to get financing from say... banks.  

@Jay Hinrichs Just signed off on a title commitment where the prior transfer was a foreclosure in Virginia... 10% of $462,000 to the auctioneer. 

I thought leveraging with a mortgage would make the Cash on Cash percentage go up compared to paying full cash?