It allows the sponsor to buy and sell real estate within the fund as well, maybe doing multiple smaller deals.

Investment Info:Single-family residence buy & hold investment.

So if 3 siblings all buy a house together and all live in it when they sell up to $750k can be excluded.If married only one person needs to meet the ownership requirement-but both must meet the use requirement. 

I have no prior investment experience but after living in Paraguay, and reading some books about real estate investments, I think I'm ready to buy my first property.

Buy that if want, it's probably closer to the 3-5s.  

I didn't buy it anyway.

I'm in Chesterfield as well, looking to buy.   

Why not just buy your own mobile home park and let everyone live for free? 

Quote from @Michael Smythe: @Jerry NoguerasRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

So if you see any let me know and ill buy it!