I'm a little overwhelmed by this.  I just got into contract to sell a small building in NYC.  My beginning basis  is very low so   I'm leaning towards the 10-31 path.   This is where it gets real.  What markets would you got to?  I've been looking at all the usuals; Cincinnati, Tulsa, OKC, Columbus, Indy, etc.  Almost anywhere will cash flow better than NYC.  Open to all ideas and suggestions.  

@Roger R.

This all depends on what your overall game plan is.  Do you have any experience investing out of state?  Also have you made your accountant aware about this?  You want to make sure you are executing the 1031 exchange properly.

I think the plan was to set up shop wherever I buy or constantly bounce around properties if I buy in more than one location.  I have told my CPA about my intentions. 

@Roger R. STOP!!!

Do not proceed with this sale until you speak to a Qualified Intermediary. The QI is the person who handles the sale of the property and makes sure everything conforms to 1031 standards. 

If you take possession of the money, your 1031 options are gone. Please do not rely solely on your CPA to make the 1031 happen. Get a reliable QI to help you with your transaction.

NJ

@Mindy Jensen I have been talking to a QI about my plans. 

I will also look at that market. Interested in any insights.

@Roger R. A lot depends on how much you need to place. You can also invest TIC if your having trouble finding a replacement or not comfortable investing out of state.

@Greg Dickerson I have a lot of time to assess what i want to get into.  I am considering a TIC. 

@Roger R. @Dave Foster is a great resource on the 1031 exchange. He can answer your questions.

@Roger R. Without listing a dollar figure or strategy it's tough to advise...

... I'm sure you can cash flow in any of those markets you listed!

@Roger R. I've got a few apartment complexes I'm touring in OKC and Tulsa. In fact, I'm flying out to tour several properties this week. The lawyer we use for our syndications has a very unique way of structuring the deal using a TIC arrangement so if you're at all interested, please PM me, I'd love to chat.

@Brian Gerlach thanks for the shout out!  @Roger R. , happy to answer 1031 questions.  From the logistical perspective you're referencing, you're right as could be - Just about anyplace cash flows better than NYC (except maybe for parts of CA).  The myriad of other options can drive you nuts.

Here's broad brush view of what I'm seeing in our clients.  Maybe it will help give you some direction.

1. Don't totally ignore appreciation.  And in order to have appreciation there must be net population growth. (growth drives prices)

2. harsher climate to milder climates (reduces operation costs)

3. Taxed states to non-taxed states (in anticipation of retirement and a change of domicile to a tax free state)

4. Follow the "cones" of federal spending as referenced by Richard Marbury in "The Clipper Ship Strategy".  (Where the govt spends the area prospers)

Congrats. NYC must be on another level. When comparing to your new areas perhaps factor property taxes as NYC is under 1% I think and account for some level of ROE appreciation, maybe $50k annualized on a NYC plex? The new one kind of has to beat that with cash flow. I would think on average Columbus is the strongest growth market in your above selection. Good luck!

There might be a better solution than 1031, where you can defer tax on gains for 30 years, send me pm 

@Roger R. If you have any 1031 questions I would be happy to answer them. However, in our business we have seen tremendous deal-flow in the South. Texas particularly, but also Virginia, Alabama, Georgia, and even Maryland. My advice is to go and see the areas. You can tell a lot with a visit. Good Luck!

@Roger R. I've seen a few 1031 exchanges go well in OKC in the last month! Agreed that you can likely make money in any market you listed. I'd just vet providers in the area and ask them to connect with someone they've helped pull off a 1031. If someone else loved their experience than chances are you pulling it off with that team are better.