Its sort of like the IRS considers flipping a job, rather than a RE investment.Income from buy and hold properties can be tax advantaged, as you can take depreciation, a paper expense, and recognize the gain at time of sale as capital gains, not regular income.1031 exchanges are very complex.  

I am a Commercial Real Estate appraiser & am currently appraising a 48,000 SF industrial complex (four 12,000 SF metal buildings) in Adelanto, CA in the High Desert of the Victor Valley.My building and two others are In Escrow at HUGE price increases over what these buildings were selling for Pre-MJ Ordinance by the city.

There are several good senior only complexes that might work, in addition to the regular condo stock.

Here are few items that I sometimes get confused about:Age: 0-10 - "A", 11-20 - "B", 21+ - "C" - this is a general rule for a generic apartment complex in a suburban area and does not apply to places like SF or NY where location trumps age.

Apparently it was a former apartment complex built during the 60's heyday of "all bills paid" apartments.

In the end, asking for a concession up front could help offset if we move forward with the complex.

I have had 7 - 8 offers being turned down most recently where even a Fannie Mae Homepath property which is a foreclosure accepted offers higher than mine although mine was $3k higher than the closest comparable sold over the last 6 months in a regular sale in the same condo complex.

One complex paid a big fine.  

Hi Paul,More paperwork and tax situation will be more complex if you form the LLC in VA or Delaware, but then collect revenue from a source within the District, as it would be considered a "foreign entity" which also needs to be registered with the city. 

I walked away, a few days later a unit came on the market in the same condo complex for 25k less.