However; two new pieces of legislation were proposed in 2023 to help expand these credits to more areas and extend the timeline of the credits.

What type of MEP work are you putting into the design for getting the sewer, water, power, and internet (assuming you're not extending gas) to the inside of the building? 

Plus, with the relatively stable rental market in Memphis, it’s less likely you’ll face extended vacancies compared to more volatile areas.Overall, option 2 (buying a few out-of-state properties) seems like a solid choice.

Use a tiered approval process to give them control over larger expenditures while enabling quick resolution of smaller issues.2.Proactive Maintenance: Implement preventative maintenance programs to reduce costly emergency repairs and extend the lifespan of property systems.3.Monthly Reporting: Deliver detailed monthly financial statements that outline expenses, rental income, and ROI performance.By handling their funds with care and providing transparency,  trust is built with owners, ensuring they feel confident in the relationship.Making Tenants Feel HeardHappy tenants are the foundation of long-term occupancy and reduced turnover.

Maybe you could extend the closings with some additional earnest money (even if you release it) and buy the time so you can simply do a regular 1031 exchange.  

If you’re comfortable with it, you could ask to extend the term beyond five years or potentially even adjust the interest rate for a longer payoff.

.: My wife and I are considering getting a home closer to her family to stay in for extended periods and holidays.   

That's why there's been little activity. if you don't have to sell, you hold on.This extend and pretend will end sooner or later, and when it does, investors will be forced to sell.

Investors on the other hand are often over extended and can not make timely payments.

Why This Matters: A Cultural Heritage Endowment Leveraging Time for Economic GrowthThe purpose of this initiative extends beyond creating affordable housing or financial returns—it’s about leveraging time, the most valuable resource, to create enduring cultural and economic value.