A 1031 exchange does not apply to primary residences.If you plan to use the proceeds to buy land for a business, consider whether the land qualifies as an Opportunity Zone investment.

Quote from @Michael Smythe: @Felicia Jenkins the shorter the term of the lease and the more tenants there are, the more challenges you'll face - especially if you plan to manage remotely.Who will be your boots on the ground, do showings, maintenance, etc.?

Would love to hear form some Multi-Family owners/operators in these markets about pros/cons and specifically neighborhoods to avoid.My wife and I have been to Columbia SC many times and, while we have never been to Little Rock Arkansas, we plan on going in Late March! 

Make sure you check the local ordinances / zoning and talk to the local administrator to see if you can do what you are planning.

With careful planning and local insights, Richmond can be a solid addition to your investment portfolio.Good luck!

@Bryan Zayac  In PA, there is a state document called the Municipal Planning Code MPC. 

Any insights, tips, or recent experiences would be greatly appreciated as I plan my next move!

IF you plan on going back someday, and this is the home you want to move back to, then renting it would be a good idea as long as you estimate that it will cover itself, or preferably, cash flow, which it appears that yours will at @ $2K or so per month (after expenses). 

Quote from @Jorge Torres: Hey @Isaac Terry, My question for you is: Are you planning to buy and manage the property yourself?

Problem SolverLet’s be real—no project ever goes 100% according to plan.