The way that I'll explain the concept, from a high level, would be that the dwelling unit would need to be disposed proximate to the sale of the land that is subjacent to the dwelling unit if the gain on the sale of the land is to be excluded under Sec 121. 

However, you can explain that you already have experience/know what to look for if things are going wrong, and have a vetted Pm that you already use and is capable of taking on the additional units.It sounds like you have already put some thought into what you are looking for and just need to polish that off so you can develop an elevator pitch and longer presentation to get some interest in a deal.

Then I'd search for units that have been leased a while, call the owner/LL, and explain why it's 'safe' to lease to me.But please, as an owner of multifamily, stop asking "do you accept corporate leases" as a round-about code for "Can I do STR in your property?"

Are they objective in their decisions for both sides or did they seem biased in their decisions?

I'm definitely struggling with the "shiny object" syndrome that I've heard about on the podcasts because I can't seem to figure out how to just hone in on one location and then build from there.But, assuming I can get past that hurdle and since wherever I look will be pretty far (aka not driveable), does anyone have any thoughts about whether it's realistic to try and buy a multifamily project without first visiting it? 

@Greg Scott if you can please explain paid in full cash are target of lawsuits, why ?

The last time I had to have a three way call, at Closing, with the Title Company, the Utility Department Director and me to explain the Release letter that I was presenting at Closing in order to Sell my property.

The objective is to find affordable houses in this crazy market (especially in WA)!

Investment has been made to address deferred maintenance items with the objective of refinancing our acquisition loan with non-recourse agency debt once the value-add process is complete, returning a significant portion of LP capital to our investors.

Please explain.