Your father-in-law will want to minimize his tax liability on the capital gain and think about how the sale fits into his estate planning strategy.

If you plan on living there, I would pick the place you want to live, then start investing.  

I'm planning on buying a LTR at the moment, likely small multifamily. markets are hard too.

If we know where we are going it's easy to make a plan. 

My goal is to achieve financial freedom by age 36 and to understand various aspects such as investing education, strategies, business planning, properties, marketing, and exit strategies.

Me and the wife are having a little girl so my plan is to wholesale for the next year to better leverage my time and really develop that one skill in my skill set.

If this is your only rental, DIY could work for now, but a one-time CPA review is recommended to ensure accuracy and tax efficiency, especially if you plan to expand your portfolio.This post does not create a CPA-Client relationship.

It was 3 or 4 years planning , applying for waivers etc .

Did you plan to rent this or live-in flip with the intent to sell?

This would be in central Jersey which is still a hot market as a result of record low inventory.I am planning to do this strategy since I want to put low money down (10%) on a construction loan and achieve a quick build to lower my holding fees.