Instead of diving in to the first one do you think it would be advantageous to take my money and invest it with a more experienced renter/flipper and see if they would be willing to show me the ropes in exchange for the capital?

You outlined a decent option: sell home and 1031 into another unit and use your saved funds to owner occupy 2-4 units with 3.5% down.

I try to exchange as much information as possible early on, so that I can get an idea if there's a fit for my next project (whatever that is).

However, you have to be prepared for an angel investors to demand a high return in exchange for their investment.

The seller was dragging his feet to accomplish a 1031 with the money from this property for another...

If you're going to do deals outside your state you will need to look at registering with the SEC/US Security and Exchange Commission to protect your self.

Out east is a whole nother kettle of fish.Not buying ski in ski out condo's at Silverstar BC for 29k Canadian  when the exchange rate was almost 60/40 to our favor... those things sky rocketed in value.To many F ups with mom and pop contractors to talk about...

Here are my goals.Establish real estate experience/credibility by:- Having a net worth of one million - five million in 1-5 years- Rehabbing 5-10 properties by end of each calendar year - Do a 1031 exchange to hold 2-5 properties free & clear by middle year of 2015.

Just watch the exchange rate!

Specific factors that might cause such a difference include, but are not limited to: American Home's limited operating history with respect to its portfolio strategy; the potential fluctuations in American Home's operating results; American Home's potential need for additional capital; the direction of interest rates and their subsequent effect on the business of American Home and its subsidiaries; risks associated with the use of leverage; changes in federal and state tax laws affecting REITs; federal and state regulation of mortgage banking; and those risks and uncertainties discussed in filings made by American Home with the Securities and Exchange Commission.