You have only 45 days to identify what you'll buy, and as a practical matter you have to actually buy before someone else does.

The temporary withholding of your exchange funds by the closing agent can complicate your 1031 Exchange if you have a replacement property already identified and ready to close. 

If you're buying at the price you identify in your example, the bulk of your return is going to come in the form of equity pay down and appreciation.  

And 36 Other Key Financial Measures http://amzn.to/Zv0Zph Frank also has another book called '10 Commandments for Real Estate Investors' that I reread every other month or so as a reminder: http://amzn.to/15ikXL0Ken McElroy has two great books on apartment investments and one on property management: The ABCs of Real Estate Investing: The Secrets of Finding Hidden Profits Most Investors Miss http://amzn.to/HdXVf1The Advanced Guide to Real Estate Investing: How to Identify the Hottest Markets and Secure the Best Deals http://amzn.to/1bcWx50The ABC's of Property Management: What You Need to Know to Maximize Your Money Now http://amzn.to/1d518JK Also see Ken's BP interview on Podcast 052: Buying Apartment Complexes, etc. here: http://www.biggerpockets.com/renewsblog/2014/01/09/bp-podcast-052-raising-millions-ken-mcelroy-rich-dad/There's many more, let me know if you'd like to see more.

Open and honest communication is key, as well as identifying each others real needs and meeting them together.

When I go to the article there is no author and no identifying information.  

I have a question what steps should you take to identify serous cash buyers?

Getting in with an elderly investor I'd bet, dollars to doughnuts, that he's living in the 80s, you need to be able to identify his strategies as to being current.

I have gotten pretty good at identifying and estimating almost everything in the house...however, I am still struggling in two very important areas...Electrical and Plumbing costs.I have read that some investors calculate their cost to re-wire a home at $1.75-2.00/sq ft of the home.

This can be expensive and you need to make sure you account for all the acquisition costs to truly identify what profit you'll be making.