Since you'll be investing out of state, establishing a good team will be crucial.

Eliminate debt, establish a budget, and save.

To establish a 50-50 ownership in both the property and future profits, you'll need a formal agreement outlining each person's contributions and rights.

I agree that is will be a gamble as to how well it will do.Also, ask the owner if they will entertain partial owner financing to keep from dragging family and friends into this risky business venture.Maybe even rent from owner for a year with right to sublease to see how it goes before committing to a purchase.

No established resale market 5.

If not, consider establishing one for 2025, after learning the rules.

Of course when doing the 1031 exchange your basis will carry forward into your replacement property.Where you have a potential issue is establishing your intent to hold those properties but immediately selling one or more them as soon as you have them ready. 

It may be beneficial to link up with an established wholesaler and pay them to mentor you or work for them and learn.

It's essential to do your due diligence and perhaps consider investing in more established or upcoming neighborhoods.Property Taxes: New Mexico's property taxes are relatively low in comparison to other states.

Our goal is to establish a structure where the property owner can secure financing based on the long-term lease with the operational company.Any advice or insights from those who have navigated similar situations would be greatly appreciated!