Also as mentioned above- the capital gains only comes into play if you are planning on selling.

Here is a summary of the book.https://www.nateliason.com/notes/long-distance-real-estate-investing-david-greeneThe book also mentions the importance of having a rockstar Realtor, contractor, lender, and property manager.

After months of waiting, the seller finally was able to finish taking out an oil tank and get state regulatory approval.

We currently have some money saved up thats sitting in a bank account and waiting to be invested, but I am not sure whether or not to invest in an airbnb for more potential cash flow or a multifamily for a steadier income.

You can wait, but so is everyone else.

Properties go to auction Highest bidder wins 30 days later or so you get a tax deed.. depending on title company you may need to wait 1 to 5 years before they will insure title..

I thought I might house hack, but as I mentioned my area isn't as multi family friendly.

You can definitely create a pm company like you mentioned.  

@Lesley Stoll I want to piggyback on what @Jaron Walling mentioned about 1031s not being as easy as some preach. 

Like others have mentioned, it's actually market dependent, and you could scare a lot of guests away.