This will change, so you have to keep monitoring this.B) - Analyze your Current Exit/Flip potential   1 - List the Current Sold Properties over the last 3 months   2 - Slot these properties in the Ranges established above (A1)   3 - Establish the potential profit by using the spread within the different reangesC) - Analyze your Current Exit/Cash flow Potential   1 - 3 - See above as applied to the Rental MarketThere's a lot more to this, but these are the basics.When the properties for sale fall below the needed $#### to enter (to make a profit), don't wait...pounce.

However just beware the the biggest firms will not be able to give you access to senior consultants who deal in 1031 regs all the time.

Anyway, the short responses to your questions1- live-in renovation in 2011 FHA-insured loan2- tenant screening is key if you are going to be neighbors with your tenants...and introduce yourself as the "property manager"...separation makes things easier when you live next door. 3- first time...total guess...got lucky and settled into a $40k equity position from onset...did lots of homework, but limited to zillow back then...4- don't be afraid to pull the trigger on a deal. consult a great local agent and be confident your numbers meet your needs.

I recommend consulting a cross border attorney for more details! 

It fascinates me, so I don't mind the consultation fees at this point of learning.

Again, consult a lawyer.

Being there for the entirety of the project is a waste of your time...maybe checking in every now and then (once or twice a day) would keep them honest and allows you to monitor progress. 

However, to do this with 2 units may be challenging to monitor and enforce indefinitely.Once you feel comfortable enough, you may be able to make a contingent offer that allows you to back out during your due diligence period.

Mitchell,I'm neither a CPA nor 1031 expert, so you should consult the experts when performing the transaction.

I have a few promissory notes and would like to consult with professional regarding exit strategies.