I love a risk if it means a reward. we’d love to buy a rental in our future home state but recognize the complexities of that.

Happy New Year.I grew up in Dallas, graduated at Lake Highlands,  and my sister manages a complex in old East Dallas actually.  

Look around your town and find some relatively new apartment or condo complexes- who built them? 

But, find opportunities to make a happy buck off it can get complex.

The minimum hold we tell our clients is 2 years with the sweet spot being 5-7 years depending on the property. 

100% agree with @Collin Hays - find a local manager, preferably one not too large or not too small, I would say 30-90 properties is usually a sweet spot.

They are 100% correct.The downside sometimes to forums is people have a superman complex and get the impression real estate is easy as they think everyone is doing it and just jump in without the knowledge or expertise.

Thoughts and suggestions or too complex and take the hit on capital gains tax as I sell my rentals?

It just adds complexities and costs without any benefits. 

There is a condominium complex that is fantastic for short term vacation rentals.