The problem with multifamily right now is that it has passed out of the investing realm and into the speculating realm in many cases.

Beltline areas are more speculative in nature.There are good deals that come available.

I’m not a speculator.  

But, there is a good amount of speculation going on.

I think the tech bubble prior to 2000 was based on pure speculation.

I don't see the cash being taxed everywhere matching the appreciation --- which is a gamble, but real estate investing is speculation, or at least has been since colonial days in this country/region. 

----Regarding out of state, when looking at for future projection, a higher-than-normal multifamily cap rate return such as 9% in out of state , within 5 year return CAN outpace max-7% return appreciation of bay area home (which has 3%-4% cap rate).When we're buying investment property there're two things that we actually buying:1. we're buying today's the cap rate2. we're speculating future cap rateWhich means between point A to B , we're hoping there's accelaration of cap rate declining when selling.

I sought counsel upon discovery of the IRS lien (after the auction and with my deposit on the line), followed the advice to contact IRS to see if they'd release the lien or buy my position, and the IRS released the lien against the property.I could speculate as to why, but it would be only that, speculation. 

I would caution you to speculate in these "up and coming markets". 

It comes down to speculating v. investing as it does in so many areas of life.