My question is, what are my options?

I am looking for multi family properties  in Phoenix area and everything on loop net/zillow are either terrible or over priced.Knowledge.

This could be an option but based on where you are you might be better of looking near a national park and rental arbitrage is going to be less feasible in those areas (but still possible). 

You do have to think through your options, you said you wanted to take the 500k tax exemption by selling with the 5 year window.

Update from one of our bankers.  60,000 population  town, multi locations state wide, $20mm Fed lending cap.1. 

Here is what one of the new people I coach from Socal did with a property in Phoenix I helped him find. He has taken his training seriously. It’s a Subto (Subject To) that I helped him buy “off market” and he chose to...

This is what makes the new 5% down option so appealing for new investors/house hackers. 

All six units will be fully rented out before the refinance, ensuring steady cash flow.However, I'm finding it a bit challenging to locate lenders who specialize in cash-out refinancing for multi-unit properties in the South Georgia area.

Recognizing that I'll need to discuss options with an attorney, I'd like to have a few alternatives to bring up and talk through with them.

It's a 240 unit multi family apartment in Texas.