I'm curious to dive deeper into the Santa Fe market and would love to learn from those with local experience.

Trying to get a split level (not a lot of sqft) on the market in the next three weeks and trying to decide on whether to open the wall between the dining and living room for a feel of openness or leave it as I have heard from two interior designers that the open concept is on the way out as we are more at home and liking our separate areas in the home.Pragmatically speaking the opening of the wall will be mostly a time drain with it being a load bearing wall and having to support the ceiling while rebuilding and all the drywalling necessary.

If the only MFH options you're finding are in areas you're not comfortable with, it might be worth focusing on a duplex in a better neighborhood.Saving up for a larger property later is a valid approach too, but keep in mind that real estate tends to appreciate over time, and waiting might make it harder to enter the market later.

I dont believe so but am not an expert on the topic - I do know that in Texas at least, it is marketed for owner occupants first and then after a certain time period they allow investors to put offers in. 

-Interest rate of 5% is much lower than market interest rates. 7-8%+-There are no capex reserve considerations included. 5% is a starting point.

However, the property’s cost basis (what they originally paid) carries over to you, meaning if you later sell, you may owe significant capital gains tax on appreciation.Alternatively, selling the property at fair market value eliminates gift tax concerns, but your in-laws may owe capital gains tax on any profit.

The best way to learn the multifamily market is to purchase a multifamily property.

Flipping houses is a great way to create huge profits, raise private money and create marketing content around your remodels (the reason HGTV is HGTV).

In general, government will set the assessed value lower than market value at reassessment in order to neutralize appeals.

.- Both Sterling and Bank of Marin offer financing to TIC developers for acquisition and renovation of buildings that will then be converted and sold as tenancy in common.