For any out of state investor, it's worth checking the airline schedule from your local airport to see if you can get there quickly and relatively inexpensively, door to door.   

The HOA fee is 50%-60% less than comprable condo buildings built within a three year time frame of the condos in this deal so I'm pretty sure that once I see the HOA's financial position, I will see that it is under funded.

Any other 5 yr time frame would have been different, IMO.

As for the hype you’ll find by the gurus on YouTube and other social media, even if they were able to conclude a couple of these deals (which is not certain, there’s a lot of lying out there), the fact that someone with 20 years of full time real estate experience can pull off 2 spectacular deals in a 20 year period is no way indicative of an inexperienced person being able to do the same in anything like a near term time frame . 

Many thanks,RoseSomething else to consider is that many people who are able to quit their W2 job through real estate in a short timeframe (3 to 5 years) are doing so by replacing it or at least supplementing their income with active investing activities such as wholesaling or flipping.

That means if you can still hit your goals in a reasonable timeframe, then stay local. 

Permits are also relatively inexpensive in the area.

@Nicholas AiolaIn consideration of tax changes, has anything changed regarding the time frame of using a 1031 exchange? 

@Seana Yates While people structure partnerships anyway that they find acceptable, here are some concepts to consider:Your "sweat equity" is great because it saves you in expenses. 

Hi @Steve Riebman      I would suggest a light rehab (flip) on an inexpensive home to the average in the market.