How much did the course cost and does it come with support?

Personally, if your market tends toward the former condition (better/normal appreciation) I think it's a fairly safe deal looking at the long term, assuming infrastructure around you continues to support the idea of renting it.

.- Tenant Accountability: Many programs have strict guidelines for tenants, and breaking those rules (e.g., property damage) could jeopardize their assistance, encouraging them to be responsible.- Inspections: Some programs require annual property inspections to ensure compliance with their standards, which can occasionally be demanding.- Damage Risk: As with any tenant, there’s potential for property damage.

Circuit Court of Appeals late Thursday reinstated a nationwide injunction that had been issued earlier this month by a federal judge in Texas who had ruled that the Corporate Transparency Act was unconstitutional, Reuters reported on Friday, thus suspending the deadline once again for most reporting companies to file beneficial ownership information (BOI) reports with the Financial Crimes Enforcement Network (FinCEN)."

Based on IRS Private Letter Rulings (PLR 200805012 and PLR 200901020), development rights can qualify as like-kind property for a 1031 exchange if they are considered interests in real estate under state law.

That means that bank has its own set or rules/guidlines and can offer exceptions and offer more programs. 

If they support a rent increase, you could look into raising your rents by that amount to offset the cost.

There are several different kinds of exchanges with different rules and timelines, not just one type.

So just do bank statement loan if your monthly 'revenue' can support it. 

I am leaning on local first for my next investment, but not ruling out an out-of-market opportunity.