My suggesting is go wide, before you go deep.I was not a fan when I had to move to Milwaukee 15 years ago, but I am now: the city has been re-inventing itself over the last decade and is not anymore the slow rust belt city it has been in the 80s, however that is still the countries perception and will take a while - I talk about this on my YouTube channel a lot.

In addition, you have the tenant perception.

I would say though that in a civil court the perception is what matters.

So I think our perception upfront was more drastic than in the investors’ minds.

The thing to be careful of is the perception that you are "creating inventory" in that conversion process. 

However, your business must follow your own values and perceptions. 

It all depends on the lifestyle you are accustomed to and your perception of money in your life.Personally, I'm really passionate about the idea of stable future and certain benefits for my children.

There are people who not only make a lot of money in it, but also satisfy a societal need.

And coming out of a 1031 exchange might change my perception too.

The media likes to focus on the exceptions, but by doing so it radically skews the perception of decades of data that have been gathered on this.