Multifamily is top of mind since it provides a mix of efficiency and long-term growth.

Find a property that makes sense financially, in an area of potential growth, ANYWHERE in the U.S., and in your analysis account for slightly higher PM fees.  

Here are a few reasons to use the deferred sales trust over the 1031:The Deferred Sales Trust (DST) gives you the ability to sell high and buy low and relive the 1031 pressure of 45 day and 180-day deadlines.

I know there is a huge shortage of housing and that has driven up price in the past couple years (along with other factors such as the pandemic, population growth, etc) so, I see listings for 2br-1bth for up to 2200 on places like Zillow, Redfin, etc.  

Not really a growth city in my opinion. 

Ultimately, it’s about finding an arrangement that aligns with your goals without compromising your ability to discover the best deals.

Quote from @Faris Wright: As a new investor, I'm weighing the benefits of focusing on appreciation for long-term growth versus cash flow for immediate returns.

I think the ability for the lower cost places in the midwest to 'cash flow' has been way, way overstated.If you know a market well though, that's definitely an advantage.

Whether it's stocks, real estate or any other investment: focus on their cash flow, appreciation/growth potential and risks, not on their taxation.

You have to possess the ability and desire to navigate it.