And don't forget that the most important element for the long term success of your out of state rentals is going to be the property management. 

There are no lawyer's fees, survey costs, environmental studies, inspections .....

What are some of the essential elements the contract needs?

I'm sure @Dave Foster can chime in with more information to helpwith you with decisions on the 1031 element of it.

Hey -- I'm keeping my SFR/Duplex buy and hold portfolio and heading into out-of-state multifamily, so I'm still trying to grasp various elements.

Based on the info you provided, to bid a project accurately here are a few elements you need to provide or clarify:- you indicate 1 bedroom units- but what’s the square footage?

A third element may also be brewing.

I think there might be a value play here if you are in certain markets and appeal to more environmentally conscious renters.

Hi @Lamon Lashley Jr - I don't believe there is a rehab element with the HomePossible loan. 

We had already extended closing by thirty days at this point for due diligence as the property was industrial land the we plan on converting to residential development, so environmental revue and such needed time to come through.