The markets open up if you are not planning on doing the management yourself.There are many markets that are growing in population and jobs throughout the country if you are willing to look at OOS investing. 

I'm planning to use that money for a downpayment  to buy a multifamily where I would live in one side and rent out the other side. 

do you know how to read building plans or permits?

I plan to continue holding onto this property.

Here’s a breakdown of some of the information you may need to provide for a cost segregation study.For existing buildings:List of equipment on the propertyProperty settlement stateAny appraisals or purchase/lease agreements Property maps or blueprintsSchedules, change orders or documents for future renovation plansSupporting documents for calculating real property book valuePrevious purchase price allocations that separated assets into their appropriate allocation and valuePast site inspections and photographsDocumentation that proves or records deterioration of assetsFor new construction:Contracts or contract paymentsLand and property sizeBlueprints of projectList of equipment involved or purchasedList of projected costs including costs for land developmentApplicable site inspectionsConstruction schedules and payment requestsPhotographs of completed assets or work in progressCost segregation specialists typically have an organized plan for the collection and analysis of the information provided.

I have from time to time spoken with the city administrator, economic developer, & a person at building planning commission.

I had a similar strategy with my first few house hacks: buy in great A & B Chicago neighborhoods....get by with minimum cash flow, and wait...What's your plan for the next purchase Michael?

@Chris HainsI use the House Flipping Spreadsheet (https://www.houseflippingspreadsheet.com/) to do the planning, analysis and estimating prior to purchase. 

Oakland has some ambitious plans to improve the city, and as rate improves, I firmly believe certain parts of Oakland will recover faster than others.

If you plan to build your own primwry you absolutely want it to be your primary first not investment land first.