Quote from @Henry Clark: Quote from @Jake Andronico: Quote from @Arn Cenedella: @Jake AndronicoI’ve looked into them but have never executed one.Let me say they will be expensive and complicated.I think what you will find if one is trying to defer $50,000 to $100,000 in gain, it’s not going to be worth the time and trouble.On the other hand, if client is trying to defer gain of $500,000 to $1,000,000, it’s worth the time and trouble.I use First American Exchange for my own account a dozen times and they have been right on the money.Google them and reach out.ArnIt's definitely more expensive than a traditional 1031 exchange, but being able to secure properties upfront can be super convenient.   

Just ask the owner what are you going to do with the money if you sell for cash??

Essentially are you cash flow positive or negative each month?

So, your focus may need to pivot from high rental cash flow to little to no cash flow as a rental with an appreciation upside.I would recommend taking your $150K to $200K and securing a solid equity position in something that will cover its expenses and maybe provide a small cash flow, but then is poised to appreciate nicely over the course of the next several years. 

This also only works for cash buyers willing to buy and hold. 

The goal is to keep these for rentals.I currently own the land personally and am funding the builds with a combination of HELOC and cash - no bank debt tied to these properties specifically.

With retirement in five years, your focus should be on balancing cash flow, risk, and tax efficiency.

A lot harder to get significant cash flow with those compared to when rates were 3%.Small to mid sized multifamily you can still get cash flow for turnkey stuff with a 20-25% down payment in C and some B areas.

@Paul Whitehurst Without equity or cash it is very hard to scale.

Even the funding alone is easier since you now have a cash flowing property that can help you fund your seed money faster.