1031 Exchange for $4M: Where to buy and how many units?

[Kyle Longacre]

I have a client about to enter into a 1031 and I need to find a cash-flowing investment, ideally almost turn key and low headache. I’ve mostly checked out Cleveland and Vegas but he may want to stay in CA. Where would you start?

A little about his criteria: He plans to buy and hold 10+ years. C property B neighborhood. 80%+ occupancy, he's from CA and would like to invest there (maybe Sacramento) but CAP is most important (8+%).Not looking for a construction heavy project. Focused on cash flow from the start over future appreciation, no rent control.

Out of those examples, what other criteria questions should I be asking him and in your opinion which of these should carry the most and least weight? Thank you for your input.