A and B neighborhoods typically don’t produce much cash flow and are more of an appreciation play—something the city has been seeing quite a bit of over the past decade.

This strategy can be a game-changer for building long-term wealth, as it enables you to leverage your gains without an immediate tax hit.Example: Sell a rental property for $300,000, reinvest in a new property of equal or greater value, and defer capital gains taxes indefinitely.5.

Is this ultimately a land play? 

The theory is spot on, in practice however that logic rarely plays out - at least in recent years where multifamily has been crazy.

I have a few lenders who do but they still require some money from the borrower so they have skin in the game.  

Quote from @Jonathan Greene: Quote from @Jamie Parker: Quote from @Jonathan Greene: Those are video game calculations.

It's definitely easier to find a cash flowing property in Midwest but I am of the opinion that cashflow in real estate keeps you in the game but appreciation is where you build wealth.

I’m not in the game yet, but I’ve been diving into this to prepare for my first multi-family deal.

So the Jan 13,  2025 deadline is no longer in play

I sell insurance and prepare income tax returns but I am not an attorney and don't play one on television or radio.The Illinois Legislature has a law either pending or just passed that will GUT LLC protection.