Columbus & Dayton are great markets for investors but present different types of opportunities.

One thing I always remind people is it does not matter what is on a powerpoint presentation, the deal is dictated by whats in the PPM, operating agreement and subscription agreement. 

In order to defer all of the tax you must purchase a replacement property that is at least as much or greater than what you are selling for.

However, if you're looking for some steady cash flow in our market here in Memphis, single family is going to present you with a ton of opportunities that the multifamily market may not.

The real estate landscape is always evolving, presenting new opportunities to discover.

So way I see it shaking out is once hit % of criminals and aimless are removed, THAN a process of legalizing the rest who live legally otherwise will be presented. 

They can qualify as 1031 replacement property so you could continue to defer taxes. 

However, I also think that a lot of people who set out to pursue this strategy miss the fact that it is literally a lifetime commitment to deferring taxes, which by definition means not realizing the gains.

I think it will also depends on state laws and a lot of information not present but the HOA rules and insurances are two different things.

There was a BP member who was quite active for a short duration that presented hi use case for RE not being a good investment compared to other investments especially ially stocks.