A lot of forum members are very knowledgeable in their respective fields related to real estate investing, whether that is real estate sales, wholesaling, flipping, rentals, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance.Discounts on some products and services are offered to BP members: https://www.biggerpockets.com/perks/proIf you haven’t been to it already, you might want to check out the BP blog: https://www.biggerpockets.com/blog/The site has quite a few tools that can be helpful for new members.

My neighbor sold her house last week in less than 7 days and my property is in much better condition.Sooo here's the question.

We are due for a slight correction, but those generally quite nuanced and they happen on a neighborhood-by-neighborhood basis (example: the prices drop 2%-5% for a quarter or two in a specific neighborhood).Q2 set a benchmark. 1/3 of all SFH sales were sold for $2m+, and the median sale price for a SFH was $1.62m, which was a 13% YTY increase. 

I would recommend you do as many of the calculators under tools to learn how they function.

And to be clear, you must use All of your cash received from the sale, not just the profit, along with buying a property of equal or greater value than what you sold, to defer all taxes. 

Given the work I've done on our current house I already have any/all tools I'd need, and I'm confident I can do the work. 

Owner financing to me seems worse than just renting on a property that needs a ton of work it sounds like a legal nightmare trying to foreclose on someone who stops making payments because they think you sold them a lemon.

In this town, especially this neighborhood, there just isn't many 2 story houses. and there are about 14 houses sold within the last 9 month but most all of these are average 1800 sq ft.

Also I would be able to almost  wipe out the mortgage on the initial purchase once I sold the lot. 

Pick different potentials in the same investment market...run the numbers before and have a list of what you need to know or look at, then run the numbers after...depending on the property and intent use one of the calculators on this site for every one...work it as and then use the tool to calculate what it would need to be  --  if they are the same then it might be the right deal.Once you have this then you can move to other surrounding markets easier...just make sure you adjust your assumptions to align with that market.One final note and this depends on your area, here in FL you have to account for what your property taxes "will be" not what they are.