We ended up effectively using that new equity to purchase a new turnkey property via a blanket loan against both properties.

I evaluate deals for a few hours a day for a local, seasoned investor in the area, but that is not the big payout I was hoping for when I decided that Real Estate was the avenue I wanted to go.Does anyone have any recommendations or advice for how I might educate myself more quickly or more effectively?

If you don't have the money to market effectively, you are going to have to hustle. 

Not too hard to make the 45, but the 180 can be a killer, especially when there are inspection issues (Taking AS-IS is an effective means to expatiate the process) or the seller starts playing games because you are under the gun to close on time.  

You can purchase a 1031 replacement property no problem in a different name than the seller of the relinquished property as long as the purchasing LLC is a disregarded entity so the "exchanger" or "taxpayer" is effectively the same, even though title is different.

This effects the housing market as you might think it would.

Renting effectively defers the tax on the equity gain.3) Your liquidity situation.  

I don't think it would be hard for me to begin closing a few deals a year up there, but I worry it may be too much trying to be effective in both cities. 

My Single Member LLC, paid $37,000 for the property, how will this effect my taxes. 

Picking a farm area and door knocking is by far the most effective method for people getting started.You get a sense of your market, you see the properties, and you talk to people who tell you where the opportunities are.