There are many types of exchanges not just building for building for cash flow but you can also apply the exchange reserve into some capital improvement as well, not just for the acquisition cost. 

I am hoping to connect with a realtor in the great state of Michigan regarding the acquisition of a real estate license. 

Do not proceed unless you are comfortably  funded to cover the acquisition, rehab costs, carrying costs, selling costs and the surprise costs (there will be some - especially as a a first timer)  - and on your own, without a tenant.  

Arms-length acquisition How did you finance this deal?

I typically hate to raise rent upon acquisition on existing tenants.

Also, again, speaking to your lender on that is a smart move, the ones I know are really good at explaining those risks and rewards and advising.Hopefully this helps, also, from your list above of people on your team, in effect, I would very highly recommend a good attorney experienced with landlord and renter issues and a very good real estate attorney to use with all your future transactions.And another side note on acquisitions, do you check auction sites?

Most tax lien investors (me included) invest in tax liens for the high rate of interest rather than acquisition of property. 

They can help newer investors (like myself) or seasoned investors navigate through different deals, or even manage most of the acquisition process.They'll also help you secure a lower price and get more information on the property and why the owner is looking to sell.Thanks for all the patience and help everyone!

I've borrowed $50k against my 401k multiple times (then paid it off early) to contribute to all-cash acquisitions.

.$200k each lot = $400k$550-650 each home build = $1.1-1.3m home totalTotal acquisition and build = 1.5-1.7mHard money costs ~ $200k roughlyRealtor, staging, closing, misc fees, costs, insurance, taxes = $100k estimatedTarget ARV = $1.1-1.3m eachNeighboring houses built in early 2000's selling for mid $900's & some over $1m.