That IS a nice chunk of money, but be careful because it can disappear rather quickly with a few poor decisions.

That cost may influence your decision on what to do with the property.

Owner pays water.Need to find out about sewer, garbage.I'm sorry to rain on your parade, but right now, the price seems to high to me.I would rather not enter into a poor deal, so I appreciate the feedback.What price point does this deal make more sense to you?

You won't have any power to make day-to-day decisions in this model, but nonetheless it is a good learning experience.

It gave me a big chunk of tax-free cash.So, think about your exit strategy before you make the decision.

Then make your own decision.

@Russell Brazil My initial intention was to occupy the space and make it my permanent residence, however my fathers health deteriorated shortly after I made the purchase, which is why I made the decision to stay with my parents and try and rent the apartment out, rather then sell and take a loss.

Tenants in common v1.0  was another 1031 exchange option that was done a lot a few years ago, but ran into issues because all the investors have to make decisions together.  

I like basing my real estate investment decisions on data, and Airdna can give you a good set of data points to work from.Then on BP, check out the articles and videos done by @James Carlson.

Since we weren't in a hurry to pull the profit out, we made the decision to hold it as a rental.