@Shaun Gaffney Thank you for your input on the market, I would have to concur and I've heard similar things with those who are in the apartment and multi sector.

They also must have limited their personal use of the property during that time.You have 45 days, from the day you close, to identify a replacement property or properties and a total of 180 days to close on the new property/properties.I would recommend speaking to all financial advisors that your parents currently have (CPA, Financial Advisor, RE Attorney) and definitely enable the help of a QI who has experience, expertise, and confirm that they are properly insured and bonded.

I can help you with this as I not only work for a major retailer but also run the appliance install sector.

They have an awesome local area expertise that can help guide you to success.

Yes some of the margin will eroded but still I have eliminated a lot of risks a lot by sharing that margin within builder expertise (assuming margin is good for 2/3 parties) .

I am looking to network with other investors that are also looking for commercial deals in the RI, and MA markets that would be willing to possibly partner up.I would love to talk to anyone who is possibly interested in being apart of a future deal, whether that means someone bringing capital to the table, there expertise, or even a great lead on a property.No matter your level of experience I would love to chat further.

First off, let me say that I really don't have any expertise in this area, you'd really want to be calling the zoning department for that parcel and asking what the ramifications are, because it certainly could be a long-term issue.

You need more local expertise to rely on than just the selling Agent's (probable) flowery approval.Also, don't forget selling/tax/holding costs, which could easily eat any $30k "profit". 

Thanks to all of you for sharing your expertise.

What is the best way to identify reputable property managers that have expertise with this type of Asset in this market?