I have a 1031 Exchange in my near future and in my market specifically(Miami) prices and therefore cap rates are out of control and ROI’s are not favorable.

However, my thoughts are that if you're going to spend a bunch of money on this, choose an option that results in individually controlled and metered units.

I do think there's value is both types of investing (Stock Market vs Active Real Estate) as well as using retirement accounts to help control taxes.

It's another point of control that can impact your situation.

A joint venture or lease option with a rehabber where you either lease it to them so they can have control and fix it up and then exercise their option. 

I just wanna get out of the 9-5 and control my time again.

Downside is: Onerous to keep DTI in control and to keep enough cash for reserves.Non-qm loans.

If you cannot afford to buy today you might negotiate a ROFR in your lease where you have firsts rights to purchase if the owner every decides to sell the real estate.If you would own one space in a condo type for office or retail you have to be really careful with WHO is running the association because you will likely be a small percentage owner versus the overall spaces and have more limited control and input to what happens to the project as a whole.  

The current Deed specifies what interest the deceased parent had, and can control what happens to that parent's interest when he/she dies.   

But you can't control how people live.This has ignited a question in me for @James Wise @Nathan G.