If you're looking to manage your own homes and perhaps start a property management company, it's a great idea to get a job at one in your area, as you'll gain a lot of useful knowledge and can ensure that you handle future situations legally, correctly, and efficiently.

Tear down a possibility or slap some paint on it and be doneSo many different possible goals so many different ‘correct’ areas to invest in

It does add to costs but I have discovered properties that look a mess - and the property manager is shocked when I say I was at the house at 123 Main Street today, and saw that X, Y and Z are totally unacceptable - correct this immediately.

Alright, here is my understanding of the situation.ARV = 3.5M (Let's be conservative)Development cost = 2M Value of the land as it is today (If I got it correctly) = 1.5M of which you will own 40% if you pay 620k for it. 

Make sure transfer information is correct and not at last minute changed to different instructions.http://www.chicagotribune.com/classified/realestat...What city did you settle on? 

The App 'Thumbtack' can be a great resource to see multiple bids and connect with a few contractor's around your area

I'm not a realtor, so it's definitely possible that I didn't get the "specific terminology" correct.

If I understand correctly you don't necessarily have the time to learn Facebook ads.

If the deals are structured correctly you can often get a much lower down payment as well as interest throughout the term of the loan.

And if the profit is as small as you said, if correct, I would skip the 1031, and pay the taxes.