Therefore, you don't need to use a 1031 exchange; you can take as long as you wish to find and then buy another property.The only exception is if there is debt on a property, in which case there will be some UBIT (Unrelated Business Income Tax) implications.

Are there any local real estate meet-ups or community here that investors meet-up?

Best place to start is reading up in the forums, buying a book or two, listening to the podcast and attending your local REIA.

Connect with local agents, and property managers to access off-market deals and get insights on strong rental areas.Good luck!

Understand the local permitting requirements, keep eyes on your property to avoid squatters, and make sure you have a great vacant insurance policy while you're renovating.

.- Build Relationships with Vendors: Getting quotes from local contractors or vendors for common maintenance or repair tasks can give you a clearer picture of recurring costs.

When you learn the business after a year or two you can either go out on your own or stay with them. 

@Amir Twig I've never been a fan of cold calling but I agree that it's great for adding that personal touch to your business. 

Overall, it looks like a good deal, something you could probably even take to a local bank or credit union for financing.

I would talk to a local bank or mortgage broker to see what you can get for a loan first and then go from there.