This will allow you to enter the market earlier with funds saved up.

Are you in the market for contracting work, or are you doing your own projects?

@Beatrice Ontiti we most certainly agree that adding new construction in a growth market to your portfolio would be a great next step! 

If so, this serves as a great example of how much the market has changed - if someone were to buy this property in 2025, it would have significant negative cash flow, whereas you have positive cash flow given the price point of purchase in 2021.  

I am not sure if I should stay local to my market.

However, purchasing the replacement property from an estate where your mother-in-law is the executor and other heirs are your wife's aunts and cousins raises potential related-party concerns under Section 1031(f).The IRS generally prohibits 1031 exchanges between related parties unless both the buyer and seller hold their respective properties for at least two years after the exchange.To stay compliant and avoid disqualification, ensure:The estate sells the property directly before any distributions to heirs.You hold the replacement property for at least two years.The transaction is conducted at fair market value with no prearranged agreements.Given the IRS scrutiny of related-party 1031 exchanges, consult a qualified CPA or 1031 exchange accommodator to structure the deal properly and avoid potential capital gains tax liabilities.This post does not create a CPA-Client relationship.

I was sent an offering memo by a broker selling a multi-family building in an area no reasonable person would even consider affordable housing material yet the marketing materials made a point of emphasis to detail how the property would satisfy the need for affordable housing.

Being a broker in Western Washington and an investor in Tacoma, I completely understand the challenge of getting started in this market.

Myers Market Update Feb 2024 (biggerpockets.com)

I am slowly going crazy with how expensive Massachusetts is and I am leaning towards looking at cheaper foreclosure properties.I understand there is some risk to this but I am beginning to think this is the only option I will have because of how fast the market is growing.Thank you for any insight you may have!