Can I choose to pay half of the deferred capital gain with the 2025 tax return and half with the 2026 return given that I would capture the 10% exclusion of capital gain with the 2025 tax return and won't be able to capture more before the deadline of Dec 2026 (unless congress decides otherwise).

You can have some student housing, regular long-term rentals, and even some STRs if you choose.

My personal opinion is that any time is the right time to invest if you can find opportunities that meet your Return on Investment goals.

If your goal is to buy and hold for a long time, you need to consider factors other than just cash flow, like appreciation. 

They’ll help you identify properties with strong rental potential, offer access to a network of contractors and inspectors, and negotiate a deal that works for your goals.

Also things like culture fit, company goals, etc.

So what does it say a person choosing a cyber truck over a ford ranger?

I just keep plowing money into the mortgage  my goal is not to have it hang around long term so I would avoid the recast idea .

Once you're ready, create a goal (e.g., "I will buy at least one single-family home, duplex, triplex, or fourplex before the end of 2019") and then do it.

In my mind, out of state investing means extending the education and research phase and pushing the 1 year goal to maybe a 2 year goal.