It will most likely need some level of TLC.

I am not trying to be negative or a Karen, but being real so you can analyze all your options on what course of action you should take for your business and what risk level you are comfortable with.

It's your preference really and usually comes down to your tolerance level for the nuances that accompany each one.   

It doesn't seem fair that I'm unable to reciprocate on their level. 

@Bryan Cavellier, You can 1031 with any US property including Guam, the USVI and ...drum roll- The Northern Marianas Islands (go figure but I actually had a realtor from there in a class of mine recently) into any other US or one of those territories.  1031 is a federal statute so it's applied the same in all locals with just a few variations state to state at the state level. 

There's no right or wrong way to do this, just varying levels of risk and reward and YOU need to understand what they are for whatever strategy you choose. 

@Anna Davis - I agree with Stuart that most properties at Auction need some level of work, especially for a retail/consumer buyer.

@Roger Garner the strategy will really depend on what level of involvement you want in the project.

It will provide you with zip code level of market rents, rental demands per metro markets.

I've not invested with 5S so I can't comment on their product and management specifically but I can say for build to rent, if you’re considering this, ask yourself: Does this fit your investment strategy and comfort level?