Quote from @Marcus Ball: After struggling with local rehab properties in California, I switched to build-to-rent developers and chose a 1031 exchange.

My immediate goal is to acquire our first property and spend the next two years mastering the basics of real estate investment. ( Refining the Go and No property search criteria/ Learning the value of taxes and avoiding them as much as possible/ 1031 exchanges) Depending on my wife’s career orders, we may remain in Baltimore for 1-2 years, but I’m also exploring opportunities in West Texas, Sierra Vista, AZ, and Houston, TX.

You could leverage the value of the entire four plex to put towards a larger asset or try to 1031 exchange it. again, i am no expert but I would consider myself a fairly savvy investor.

One thing I'll add to an off-market deal is you might find a seller willing to do seller financing.You said, "I don't think the time exchanged to manage SFH would be worth my time and the cash flow most likely wouldn't be reasonable enough to hire a property manager.

Have you heard of Exchangers? 

Right now I'm keeping it because of appreciation and not sure if I want to sell for now, would need to do 1031 exchange. 

Timing is key—catch a hot market or a great 1031 exchange opportunity.

Obviously past results are not necessarily indicative of future performance, but it seems like a great investment for accredited investors to get a low-risk, solid return in exchange for some illiquidity.

Hi,Definitely interested in learning more and exchanging experiences about the Portuguese RE market.Regards,Rui

Also, the fees plus being a forced buyer with a deadline on a 1031 exchange may negate the small tax savings.