Happy to chat...being a local GC takes out a lot of the risk of the biggest variable for most investors (unpredictable rehab costs) and also allows you to consider more options than the average investor, with your rehab costs being significantly lower.

@Garry LawrenceDevin Moreno has a bunch of videos on rent-by-the-room strategy in Baltimore on hisYoutube channel.

Through all of those there were still posts on the other subjects it just morphed as far as the percentage of content. 

The city is also breaking ground on a new arena for the NBA leading OKC Thunder basketball team

Since the real estate is part of the transaction you can't do the 1031 exchange.You could consider an installment sale, to potentially spread the tax liability over several years.

What should I keep in mind to ensure I'm approaching it the right way?

I would go with the one that is the specialist in the area.

Good Afternoon, I just finished up my last real estate project and am in the process of looking for my next deal. 

I am currently in the Carolina Beach/Wilmington area.

I have my notebook next to the area where I keep the paperwork, so it is easier to keep track of things.