You should be able to find a PM in your target market to help manage everything for you (I don't recommend managing from a distance...it can be a nightmare and your time is more valuable focusing on your sales business). 

Over the last 10 years CA has the 2nd largest population gain of all states. 

They can provide valuable insights on current trends, upcoming opportunities, and what’s really working in that area.

By househacking a multifamily, you'll gain the same acquisition experience as you would purchasing a condo/co-op.

Would like to sell and capture gained equity, also cash flow is not great and the house needs more work.

Today all these homes could be sold on the market for a good return since homes on Long Island has had big gains.

The short answer is that the longer you live in it the more gain will disappear. 

By collaborating, we can leverage the collective knowledge and resources of more experienced investors in this forum, gaining valuable mentorship to accelerate our growth.

Thanks to all of you for your valuable input.  

The accountant said that NJ allows one to “adjust” the basis in the property to the extent no benefit was obtained from depreciation...you do not get to take losses from real estate to offset gains on sales of property in NJ.