He has a great story about one deal where he put in an offer way below asking, had the agent come back multiple times asking him to come up on price over the course of several months and ultimately got the deal (with a big profit built in) by sticking with his original offer based on his due diligence.

I have several friends who refuse to leave Vegas.

With all useable land and fertile land(With the exception of Grand Oaks which cannot be cut down; which may serve as an attractive part about the "Community" if several homes were to be built on the subdivisions),  2 water wells, 2-inch water meter and all the utilities; how difficult would it be to find a developer to pick this up, have the deal assigned to, pay closing costs, and pay in cash?

Speaking for myself, I could do way better just taking the cash, paying the tax and buying great deals over time, than having to jump through the 1031 hoops, figure out the difference of paying the tax vs cost to defer, you may be surprised how much the 1031 will cost if you are buying several properties. also dont know how Cali works, but the tax rate may be lower depending how long you have owned/lived in the condo, and how you file taxes for it.  

There are several of us here on BiggerPockets who provide this service, select couple people who provide quality service (do your research), check references and speak about your particular situation.

Keep in mind the interpreter hasn't made payments on time under his fraudulent agreement and my client received several foreclosure notices during this period. 

That way the investor is tapping the benefits of cash flow and participating in appreciation over time.Lastly, If we do the math, someone who has a good solid investment portfolio in large markets can now fund several MF investments in smaller markets using a relatively small portion of equity in their existing portfolio.

Lastly, since your young you always have the fha house or 2-4 plex hack option in an up and coming area that allows you to tie up several hundred thousand in inventory for very little (3.5%) Think about locations like Inglewood, downtown LA ish, Long Beach etc...

After watching friends lose millions and in one case several hundred million in the 2008 crash, I am convinced that building cash flow with little risk is that way to go, and putting your personal house on the chopping block is too risky for my taste.

At the macro level, we are probably in the late innings for several popular asset classes but that does not mean you cannot find a good deal at the micro level or that some assets classes are not in different cycles.