Properties that are acquired with the intent to rehab and then sell immediately do not qualify for 1031 Exchange treatment. 

I am really passionate about real estate and looking to get into the industry.

The one point that I wanted to make sure was understood is that the improvements, whether paid before, at or after closing must be paid under the control of the Qualified Intermediary and the corresponding improvements must be completed before you take title to the property in order to be counted as "real property" for like-kind property requirements and qualify for tax-deferred exchange treatment. 

What the local economy based on, is it one industry or broad based? 

I have been in the construction industry since 2005.

I'm just a newbie in this industry trying to learn as much as I can before my first purchase.

That was before the run up and I was amazing to me that people in the industry had so many reservations about it. 

We will provide you with our research experience and expertise in this industry.

By default, an LLC has the same tax treatment as a S Corp. so no election is necessary.

I am using this site as information on the real estate industry in Fllorida to better my knowledge in this market.