I understand the process as follows:Step A: wholesaler places property under contract.

There is an agreement between NAR and the banks that it needs to be processed through a real estate agent.

I decided to go on with the property in Kenmore and went through the process. 

That did help me get a clearer picture of the full process.

That's great to hear that you're graduating and you want to get into multifamily.I would start off in a commercial real estate firm, learn the systems, the sales/buying process, how to analyze deals etc...

We managed to navigate it, but it was a lesson in the importance of understanding both federal and state regulations.Given your location in Boston, Massachusetts, it's especially pertinent to consult with a qualified intermediary or tax professional familiar with both federal and Massachusetts state laws to ensure a smooth exchange process.

Rinse and repeat this process over time.

Check w/ the City / County to see what the permitting process is, and what if anything you would have to do regarding plumbing / electrical.

Run an Opco/Propco model.If your business utilizes real estate as part of ongoing operations you can get all the tax benefits of active RE by having the building purchase and hold the RE.3.

It's easy to obtain, costs very little, and doesn't require extra, on-going effort to maintain.