A value add can be as a result of modernization or addition.

Additionally, I have $100,000 in cash in the bank, and my monthly expenses for my home and family are around $3,500.My wife earns between $100,000 and $120,000 from her W2 job, while I've recently lost my job but found a new one that pays $65,000 a year.

In addition, you want a separate bank account for the rental property to separate it from your personal accounts.

My last note would be to try to buy 3 or less replacement properties, it makes the exchange much easier and you avoid some additional rules.

I'll just add that in addition to offsetting future tax liability, I'd like to offset current taxes as well, during my highest earning years. 

Duplex have different zoning that may permit additional units.

There are a lot of market-specific issues you'll have to grapple with and also, there are plenty of landmines in MFR on its own in CT that you'll have to be ready for, in addition to the nuances and complexities of developing something like this.

For a solo team we have a plan for $147/mo that includes onboarding to connect your tools at sign up and anytime throughout your membership at no additional cost, and screen share training with our team.

States Can Still Require Additional FilingsEven though 506(b) offerings are exempt from state registration, individual states can still require notice filings and fees.

If you have equity and decent credit, a conventional Fannie Mae HomeStyle (or the Freddie Mac version) would likely be the better option instead of an FHA 203k loan (which will require a 3rd party HUD consultant to oversee the deal in addition to having the contractor involved).