for me  a handful since early 80s  now in those days I was ONLY buying land that had owner contracts on them. 

Hello Frank, I think house hacking a small multifamily property that you buy with a low downpayment is one o the best and lowest risk strategies that you can get started with.

Your starting depreciable basis should have been the LOWER of what you paid or the FMV in 2010 when you converted it to a condo. 

I would suggest starting with what types of investments you would like to get into and goals.

, 2) it manages the properties directly so there are many hands in the cookie jar, and 3) how/when/impact if "they" decide to liquidate properties and what would be the exact impact to me? 

Then you can start to figure out the best course of action.

So I start with the sponsor first.

They would get that $500K tax free and the rest of the tax would be deferred in the 1031.A very elegant solution that puts $500K tax free in their hands now. 

I've been in real estate for the past 7 years, and I got my start like so many other investors through reading Rich Dad, Poor Dad. 

Back when I first started in 2018 there would be properties under 50K they’d be interested in.