I agree very market dependent. 

In fact, just finished one that I have yet to put on the market. 

Hi RickeyAs a first-time homebuyer, you have great opportunities in the condo market.

Your realtor should be the first source of guidance.For anyone here to provide you some guidance, you have to be more specific on the ask.There are always many things to consider when planning for different strategies.

Without a specific use for losses generated; utilizing a cost segregation study to generate large losses you can't use won't benefit you. - Are you or your spouse an IRS real estate professional? 

If we were not able to raise the price of our homes by 20% or more we would had to stop.. my LORI plan started at 600k sold two of them and made our normal 100k net.. last loris I sold 36 months later went for 850 to 900k and we made right at 250k NET on those ones.. so it was very specific to plans that CASH buying empty nesters wanted ..

-why not pick a market closer to home? 

Raising money is all about marketing and sales (not real estate specific) so either hire marketing agency and read sales books, or hop on some LinkedIn courses on marketing and sales.Not sure the legal structure to use: talk to accountants and attorneys.Need deal flow: talk to brokers and go to a lot of networking events.Lending terms: start calling banks and loan brokers.From there, it is all risk mitigation. 

There are also Graduate Degrees specific to Real Estate (Johns Hopkins offers and M.S. in Real Estate and Infrastructure).

If that is the case it would require a 1031 which is just another layer to the process but ultimately not really that complicated.Without knowing how much repair work would be needed it's difficult to give specific advice.