If yu claim one it doesn't void the option to claim the other one.Provided you meet the IRS requirements for both, as a tax strategy, you could complete exclude a portion of capital gains under Section 121 and then defer the remaining capital gains under Section 1031 (@Dave Foster is a great resource for 1031 exchange). ..

Should I buy it and take  500-600 less profit per month knowing I can sell it for a large profit as is or even more if completely remodeled?

thanks. you will spend more time trying to figure out whether or not its required than actually completing the form. it takes five minutes. 

The some of the repairs need to be completed before renting out.

I just completed a second boots-on market tour of TN markets.

Blue Ridge is a complete mess at this point.

After we completed their intake application and began the process, Austin handed us off to other staff.

Yeah, I completely understand.

I have every intent to complete my very first fix-and-flip project in 2025!

Did you complete the renovations on a property?