utm_source=search&utm_medium=internal&utm_campaign=booksSimply, bone up on the areas that you need to expand knowledge in such as, Forums, Marketplace, Learn, Network, Analyze and Resources.Feast on the Podcasts, #askbp Podcasts, blogs and webinars Lastly, this site thrives on interactions and as such we encourage two way exchanges and look forward to educational and thought provoking ideas relevant to REI.

@Brian Koralewski, Yes it is possible to use the 1031 exchange to sell the NY property and buy multiple properties in another state and defer the tax on the gain.  

Ok, now that you have taken your initial step, below are some quick links to get engaged.Since your interest lies in wholesaling, I added two podcasts and a blog that will answer the question you posed.https://www.biggerpockets.com/renewsblog/2015/01/31/ultimate-beginners-guide-real-estate-wholesaling-2/ (Ultimate beginners guide to wholesaling)https://www.biggerpockets.com/renewsblog/2014/10/09/getting-started-real-estate-wholesaler/ (BP Podcast 091 Wholesaling)https://www.biggerpockets.com/renewsblog/2013/10/31/wholesaling-podcast-mike-nelson/ (BP Podcast 042 - wholesaling) http://www.biggerpockets.com/startherehttp://www.biggerpockets.com/meethttps://www.biggerpockets.com/alertsHow to Use @Mentions on BiggerPocketshttps://www.biggerpockets.com/ruleshttps://www.biggerpockets.com/termshttps://www.biggerpockets.com/inviteshttps://www.biggerpockets.com/perkshttps://www.biggerpockets.com/forums/categorieshttps://www.biggerpockets.com/courses/a-beginners-introduction-to-real-estate-investing (video courses)https://www.biggerpockets.com/real-estate-investing (Ultimate beginner's guide to REI)REI can be very daunting, but, before you go searching for that 1st buy, please take a few minutes to bone up on the tips in link below.https://www.biggerpockets.com/renewsblog/2014/12/19/real-estate-investing-success-smart-tips/REI books suggested by BPershttps://www.biggerpockets.com/renewsblog/2015/11/13/7-real-estate-books-beginner-investors/ (7 absolute must read books for beginner REI)http://www.biggerpockets.com/renewsblog/2013/04/14/best-real-estate-books/?

The one other thing that I will add to what @Darrell Shepherd said is that if you come across a deal where the numbers work awesome, and one of the terms of you securing the deal is a quick close than consider looking at the numbers to secure the deal with a HML but start the process of converting to something with better terms ASAP, whether that is private money or conventional financing.HMLs make their money on the up front points, so if you're going the short term route, consider trying to negotiate with the lender for lower points in exchange for higher interest payment.

Account Closed FCI exchange and similar places will have performing, PPR also sells performing notes, the price point is a little higher but they are performing, I also have a tape with performing notes.  

Decide what's most important to you: keeping your money safe (capital preservation), earning investment income each month, owning an asset that will be more valuable later even if it doesn't produce a lot of return right now, risking depreciation and vacancy in exchange for potentially bigger profit margins?

I have a rather large 1031 coming up with IPX1031 where I am selling one property and buying another the next day. 

Additionally, this section would restrict rental housing providers from issuing “notices to vacate” due to nonpayment until after the moratorium ends and prevent providers from requiring a resident to vacate the premises until 30 days after the notice is served.Enable the Board of Governors of the Federal Reserve to establish a credit facility that makes loans available to residential rental property owners to temporarily compensate owners for rent shortfalls in exchange for mandated renter protections, including suspension of evictions, source of income restrictions and unnecessary reporting requirements.

You will also deduct depreciation, which does not affect your cash, yet reduces your income at tax time.Do keep in mind that the IRS allows taxpayers to exclude up to $250,000 ($500,000 if married filing jointly) of the gain from the sale/exchange of property used as a principal residence for at least 2 of the 5 years previous to the sale.

There is withholding requirements, currency exchange rates, long distance time zone differences, reporting back of income with taxes to their home country which for some can cause issues.I ran into these items and more over the years on commercial deals with foreign investors.