I'm hoping someone with much more experience then me will response with some best practices that I should use to secure a great GC.

As you're doing that, do a couple of things: 1) save money - you'll need it. 2) take note of what works for you, like strategies, markets, etc. 3) start practicing: analyzing deals, researching markets, etc.

Research local regulations: can your property legally be a short term rental? 

I can't wait to start putting David's advice to practice.

In only a very few states have definitive legislation been passed that makes licensure a requirement; many other states reinterpret existing regulations to require licensure.  

This is an excellent way to network with fellow investors, and really learn about local rules/regulations too. 

In fact, I've received that exact instruction from sellers when I was practicing real estate.Absent instructions to the contrary, my practice was always to issue a "multiple offer notification" to all bidders and request highest and best offers within 48 hours. 

All my experience is with SF and the appraisers are in high demand right now and lots of issues with best practices and timing.   

The easiest and safest solution, but usually not the most practical, is for the LLC and its members to stay together and sell the relinquished property and then have the LLC also structure the 1031 Exchange at the LLC level and buy the replacement property under the LLC (partnership). 

The escalation clause language we use here in Milwaukee regulates when the offer had to be received.