I  am no expert on 1031s, just my perception.

Based just on the facts you have stated here and common sense, you don’t have any legal obligations to reign in spirits.But of course, you might be the kind of landlord who wants to go above and beyond to ensure your tenant’s comfort and perception of safety.

And, based on those perceptions, I would suggest you lean more to buying something essentially "ready to rent" rather needing serious work. 

The perception is the deals are not there and that is true.....sort of.

Yes I get the whole "dark art" perception that comes with the 1031 exchange. 

Having said that, my assessment on downtown multifamily is purely my perception and has no basis in data right now.Aaron

I'm new in buy and hold, that;'s why i'm trying to get better perceptive from others and hopefully learn something.

When I think about this living situation, I view it as more of a "college living" situation, I guess my perception is hindering me.

But that doesn't stop the perception which is often what drives prices until reality sets in.  

I was advised by an attorney that I should not have my IRA invest in any property anywhere near where I personally own property because of the possible perception that the IRA was creating value to me personally.It is possible to have your IRA invest into a property with other people.