My out-of-state clients love it here because you can still find cash flowing deals hitting the 1% rule with lots of appreciation potential.

The QI will facilitate the transaction by holding the proceeds from the sale of your New Jersey property and using them to acquire the replacement properties in Florida.Make sure to follow the 1031 exchange timelines: you must identify potential replacement properties within 45 days of selling your New Jersey property and complete the acquisition of the replacement properties within 180 days.  

Underpriced, underperforming, value add, 20 units, cash flow potential, low risk How did you find this deal and how did you negotiate it?

That risk, in retrospect, is not worth the potential return.   

I'm new to real estate investing, but have thrown myself into learning as much as I can by joining a Veteran based investment community, have been working with my realtor and looking daily for potential multi family properties in the Dallas area for house hacking, which I've set myself an deadline to be completed by May.

Some may require a waiting period of one to two years before leasing is permitted, while others may prohibit rentals entirely as outlined in their bylaws.Always know the property’s potential for annual rental income and ensure the numbers work.

I suggest the buyer at least get an estimate of the potential tax savings. 

It seems every market goes through a cycle -- unnoticed potential; early titillation as the potential becomes known; flood gates open and gold rush is on; property prices rise, revenues drop, regulations come in; and finally balance is found.

@Hector Lewis - The decision ultimately depends on your current cash reserves relative to your financial needs, as well as your willingness to reinvest for potential appreciation.

I'm an RVA native, born and raised and have had experiences that could if shared with you could potentially be a big help to you.