By way of background, my partner and I live in Manhattan and have been investing in Philadelphia real estate for the past year. 

Here's what else I would do though:- Get some background knowledge on real estate topics and strategies (BP is great, books, podcasts etc).

Account Closed It looks like you have a background in 1031 exchanges, but I don't think we're looking at this thing in exactly the same way.The statement "The only way to defer capital gains tax is by doing a 1031 exchange..." is entirely not true.

My background is in math and finance, so I thoroughly enjoy researching deals, running the numbers, keeping the books, etc. 

Coming from an IT background keeping control of your documents and software is important. 

As a lender I definitely want to do my own background research on the actual property, but I am only acting as a lender.

What service does everybody use for background and credit checks during the tenant screening process?

My dad is a contractor and has a construction company in Centerville, so I've got strong construction background as well as a great resource if I get in over my head on any one area.

I should have also spent more time looking at properties first but my finance background urges me to get the money lined up before I actually need it. 

There's a vacant home I know of that I'd like to acquire (see my recent posts for more background).