One of my bizz partners sold his garbage company to waste management for 75 mil his balance sheet is a crack up.. house in Napa valley house one in Lake tahoe hunting ranch some commercial in downtown Napa. and a big huge wad in triple net munis  and zero debt.

If you move, renting in NYC and buying an out-of-state property could work, but make sure you have a solid plan for managing it.If you stay, buying in an affordable market and living there for a while could be a good option.

We have one property managers whose job is to be our eviction Laison across the whole portfolio.

A great way to get started if you currently have a W2 job is to buy a house hack like a duplex or a fourplex where you can move into one of the units and continue to rent/manage the other units.

After 45 + years as a real estate investor, broker, lender, fund manager and syndicator, I’ve become aware that the “dream” of many investors and investor “hopefuls” is to be able to generate enough cash flow to live off their real estate holdings and accumulate enough wealth to make “work” optional.

@Alba Cheung,your property manager should have already handled this and you should not be involved.

My partner and I have a couple units we manage as well in Washington DC.

It gives them a reinvestment option to complete the exchange and doesn't require active management.

@Chris Seveney We don't plan to make money by managing the fund.

I think that's a great approach I have a lot of clients who self manage have no issues at all.