If you are in low to mid six figures say $250k a year -   you would need around $2.5  - $3M in cash to make the similar income consistently and without significant risk.Thank you, Chris, for your thoughtful insights—it’s an excellent point to consider the financial and tax implications of leveraging equity.

It might be helpful to narrow down your options by focusing and researching for markets with strong rental demand, growing job markets, and property prices that fit within your budget.

So, in your considerations, I would park right there for a bit and determine how this would look for you.Since you have about 2.5 years to think about it before you would need to spring into action to take advantage of the rollover for tax advantages, maybe you try on a rental and see how it fits. 

I have a calculator (semi-ugly but effective excel sheet) I use to look at the numbers on all 1031 exchanges I’m considering.Let me know if you want help with the calculations

Excellent book ! 

With Amanda Frecks as a partner and a clear plan for strategic improvements, it was the perfect fit for a quick flip and profit.

Seller financing would be an excellent way of purchasing a small hotel/motel, but you'll need at least 25% down.

Its enough to find out whether what they own fits what you want o you know whether you want to pursue them or not.

If it does not fit, you must aqui....

Others are responsible with their budget and can stretch a dollar.If they are excellent renters, I would offer them the option to renew and let them make the choice.