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.

Good luck and much success to you in your real estate business! 

Find local real estate investor meetups and attend the meetings.

Since regulations frequently change, it’s best to consult a local real estate attorney to ensure compliance.Good luck!

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

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

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.

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