When doing a 1031 exchange, does the newly purchased property have to be equal or greater value than the sold property?  

Perhaps the most important place to start is to adapt the right mind set that flipping and wholesaling properties is an investment tool that is equally for professionals and billionaires for the long term, as it is for those just trying to catch up.

@Eric SipeAssume two people have very similar long term goals and equal cash to put in, but strong opinions that differ on elements or processes in the functioning of the day to day business.In that case it might be better for whoever wants to be the active manager to issue a note and borrow the same funds, then be 100% in charge of management decisions.Think of it like this: you get a loan from a bank to start a business, they give you the money and leave you alone as long as your covenants and payments are proper.... 

Motivation does not equal execution. 

Not all businesses are equal so you have to investigate - at least a little - before you can determine a value and make an offer.You also have to consider anything else that goes with the purchase.

Treat all applicants equally up to the point of only choosing the one you want. 

If you can do math, you'll quickly realize that there are 26 two-week periods in a year....so you get 26 payments of slightly higher than half the monthly rate which equals slightly more that 13 full month payments. 

This all being said, all things being equal, the deals are nearly identical at the end of the day market rents for both areas range from about $550-$700 dependant on many factors.

Do I create and LLC with everyone as a an equal member, etc.?

So I could take that 300K and invest in other properties, the stock market, a ski house rental, etc.) 2) 1031 into a smaller multi family for equal price as my sale (say, 1.1MM after commissions and closing).