Throughout the course of the following school year, I kept up with people around the firm, especially my mentor that had gotten me the internship in the first place, and whose nephew was now playing on my lacrosse team.  

So, it depends on your business goals and the niche you play in.When others aren't buying, buy, when others are buying, buy!

Here is a listing on LoopNet: http://www.loopnet.com/xnet/mainsite/listing/Profi...Is this a potential "value play" if the information in the listing proves to be correct (60% occupancy, 100K NOI, etc.) ?

Price point will likely be lower here for similar quality/neighborhood houses so just something to keep in mind if that plays into your situation at all.Good luck on finding your next property!

I have a third option - a renovation property in a holiday / vacation location for short term rentals and personal use...After playing with the idea, doing a bit of research and eventually finding and delving around in the State Controllers Office.

Thanks guys  From a tax stand point if you dont need the cash immediately you can take it sub2, lease it up for 1 year, sell, 1031, and roll all net proceeds into an investment that conforms to your goals whether its an appreciation play, a cash flow play or hybrid (CF & Equity).If you sell in under one year yes you might net around 165k before tax.

Here's an interesting article from the WSJ:http://online.wsj.com/articles/how-to-play-the-real-estate-market-before-it-s-too-late-1411333001

(Sorry, I was at an Octoberfest party and they were playing those "How German Sounds Different than Other Languages" videos.

FIRPTA withholding requirements may come into play, depending on how the ownership is structured, so make sure that you address this issue when speaking with your tax/legal advisors so that you know what you will be confronted with upon exit/sale/exchange off the properties.

Look forward to hearing how it plays out.