Do we qualify for a 1031 exchange?

Thanks for the reply, I did find that if you are a first time home buyer you can find qualify for a lower down payment loan.

I find the best way to determine the best markets are to take a map of the US and lay it over a dart board.

If going for the refinance (investment loan) option, you'd either need to come up with another 20-25% deposit, or have already accumulated that or more in equity (according to Lender appraisal) in order to qualify (separate to how much you need for your next primary, also). 

In those area buildings can sit empty for a long time as businesses are not generally expanding in those areas.Small balance neighborhood retail is in high demand across the board.

I've heard that more expensive houses have smaller cashflows, and as a college student with no salary, I'm not sure I qualify for much financing.  

You'll get 30 years fixed with a rate of around 4.25 but you'll need your income to qualify. 

You are at an advantage that both you and your wife are on board: go for it!

We simply show them situations like this & they hop right on board. 

Most are going to want some skin in the game until you have proven yourself with them.