As such, there is a great deal of competition when a duplex or fourplex comes to market.Although SFR is getting bid up as well, with less favorable rent/price ratios than just six months ago, there is definitely more opportunity for off-market deals.

I liked Nathan's reply because it is totally possible to buy rentals with little to no money down, but you should definitely have some sort of cash on hand for general operations and unforeseen events. 

Lastly If you don't intend to live there you might consider a house manager, and definitely consider additional cleaning costs and parking.

Just adding on to what @Milton Chamberlain said- a good way to expand your reach is to post on LinkedIn about your updated career path as soon as possible, then post again in a month or so as a reminder.

You should definitely speak with a qualified CPA who can do a cost seg. 

So, choose your path wisely.The reality that GC1 has created needs to be dealt with.

The easiest way to narrow down the best path for you is to decide how passive vs active you want to be. 

We are definitely rookies but have been doing the homework for 2 years now and ready to dive in.

@Rick Albert thanks for your input, it is definitely good advice.

That will give you some cash you won't miss out on any new opportunities.A 1031 exchange is definitely possible, but you have to make sure to get the timing right since you only have 45 days to identify your next property (or better yet, 3 options for your next property).