I actually met with my Attorney today and they said about the same thing.

Started reading the Bigger Pockets book on rental property investing and decided to join this forum to seek advice and help with taking that first actual step into investing.

@Noah Milstein I haven’t used Avail (nor heard of it before actually).

I actually have to finish listening to the audiobook since I got sidetracked with the podcasts.My family owns a large plot of empty land in the East Bay and I'm interested in building some rental property on it.  

So what really happened was that your parents did a 1031 exchange for 50% of that condo (They had to take actual deed to their replacement real estate so the portion purchased by you could not have come from 1031 funds).At the same time you bough a primary residence that just happened to be 50%of a condo.So your parents own an investment property that happens to be 50% of a condo. 

I actually rent myself haha. 

I actually have gone through 2 brokers and Vermont Mutual seems to be the only game in town at least through them anyway.

And, here...is my question...I have been analyzing a bunch of SOLD multi-families using the actual sales price and I cannot for the life of me figure out how anyone is making money!?

All units are individually metered.The goal is not to actually operate the ALF.

The answer is, the town/city/state make the rules.If you actually intend to live there, then sign the affidavit and get to it.