As risks increase or new risks are identified, steps are taking to minimize those risks.   

.  Thanks so much for the input - I will take into consideration all of those.I am also curious how to get contact information when you identify a property of interest (and the for rent sign isnt up front).

You can make contingencies work both ways.The timelines of the 1031 are very rigid - you only have 45 days from the closing of the sale to identify your potential replacements and a total of 180 days from the closing of the sale to take title to the new property.1031s can be problematic in a sellers market. 

We would like help in identify areas (open to all locations) to invest with a purchase price of 250,000 or under for a first property. 

I recommend you consider the house-hacking strategy as you look to get started in NY RE Investing.Next steps would be to connect with an investor-friendly lender who can help you identify your financing options (if you're getting a loan).

I would love to get you connected with our team of experts and help you identify some of those markets that we are activity buying in, moving into, and studying.

Identify your target market.Step two build your Team.

As you get closer to identifying a property I would maybe spend an hour or 2 with a lawyer in your area as they have experience creating LLCs and probably will give you insight you had not thought of as you structure it. 

Step 3 - make a decision to sell or rent based on the information you received from the above trusted professionals1031's can be a bit more challenging in a hot seller's market because you have a very short limited time to identify your replacement property (properties) and if those don't work out, then you probably can't do a 1031. 

After identifying a Triplex that interested me that I was willing to make an offer on, I reached out to the local bank my business utilizes, and they informed me they were unable to lend to me based on the lapse in verifiable income.