Demonstrated enthusiasm for real estate with a high degree of creativity, vision, and technical aptitudeHigh level of communication/critical thinking abilityInternship or work experience in real estate or finance industry preferredWork well in a team based environment with open communicationAbility to analyze financial statementssome of the other things asked to analyze financial statements.I have started reading but plan on taking principles of accounting for a short 3-week summer course for credibility. 

If both the housing and stock market experienced a major correction, I would think you would be twice as exposed compared to the investor who owns the property outright.

You're in Georgetown, correct?

The key is buying it with the correct intent in the 1031.By the way, 1031 exchange isn't just one for one. 

Rick Martinez , Jim Adrian is correct about egress and has a point with specific size... easiest way to find out is to call code enforcement.

wait, you didn't list the prosthe risks you mentioned are correct, but can be mitigated and not nearly as bad as you said. you "risking it all" isn't really correct, market drops are temporary, you can get your money back out (and more) using BRRRonly focusing on the downside is a hard way to get ahead.

He goes into great depth on the different phases of your business and where you should be focusing your time and energy at each phase.Hope this helps.If you have the ability to get 30 yr mortgage, then thats the correct approach for your phase. 

You could try going down there without a notice just to see if you can communicate with the tenant.

@Jon Ostojic  first I suggest you make sure the location is good and that the actual rents and occupancy are correct and verified. 

LOL.. those are legal docs that need to be done correctly and some of those guys have nice groups all put together with a cadre of investors ready to rock and roll.