The city also has multiple high-growth areas where property values are steadily rising, making it a great option for both long-term holds and value-add investments.Tulsa offers similar affordability with a strong rental market and steady property appreciation.

Lenders often consider the whole picture, so keep building that credit but don't let it hold you back from exploring options.Since you're considering a trailer to fix up, have you thought about markets like East Phoenix or the outskirts of Austin?

As for holding a home and building another one - be sure to include carrying costs of the first home while building the second.  

Quote from @Martin Jones: Hello, I'm young individual who is interested in long term buy and hold multifamily real estate.

I am a buy and hold investor.

So while moving back into it for 2 years does bring the 121 exclusion back into play, that exclusion is reduced based on the percentage of Non Qualified usage over the holding period.  

Either way, with rent and price appreciation, tax benefits, holding long term is a net worth exploder.

But, if a cost-seg study is done on the old property, you can manage Sec. 1245 recapture tax by doing a study on the new property to confirm it has as much or more Sec. 1245 property.You cannot swap a fully depreciated gas station for a raw piece of land and avoid recapture - you must replace all the 1245 and 1250 property.3) OZ - Sure you can defer your capital gains for a few years into an OZ fund, but the magic of OZ investments is the ability to achieve tax-exempt growth after a 10-year holding period.

The bank will make you leave 25% equity in the property - but you also still want the property to at least cash flow some - so be careful how much equity you pull out / new debt you take on.I would do a cost benefit analysis of what your actual gain is in cash-flow on buying a new property with a (currently) higher interest rate (if financing), versus just holding on to the current appreciated property and enjoying that cash flow.All the best!

Quote from @Donald Hatter: Investment Info:Single-family residence buy & hold investment.