This is a completely unknown scenario to me and I am wondering if anyone can give me advice on what to consider, request, research, advantages, disadvantages, risks, risk mitigation, required/recommended paperwork, etc.Thanks!

(And you can use this to your advantage if the property inspector discovers deficiencies in the property that need to be repaired or replaced.

But your chances of getting higher ROI on a cheaper replacement are greater.The 1031 as a tool can work to your advantage either way. 

You have an advantage with your dad being a contractor.  

I'm based in central Indiana, but have been living overseas for several years.Would it be to my advantage as an investor to take the real estate exam?

If you simply want to choose other investment or passive income approaches, then P2P lending, dividend stocks/mutual funds, carefully selected growth stocks, etc can provide that.  

I just feel like I'm being taken advantage of but I live out of state and I really don't know how to regulate this as much as I would like.

I feel like I'm being taken advantage of but my PM keeps telling me I have to keep up with repairs to keep my units rented or to attract the right kinds of tenants.

If you are going with a property less than 1//3 of the proceeds, it might be better to take the tax hit and get the flexibility in being able to take your time selecting a property.

Consult your CPA as you are setting up your business so that you can be sure to take advantage of all of your start up/organizing costs (including the cost of your licensing course and exam--even though it happened a year ago!!!).