Hold or sell

[Corinne Faivre]

I have a 3/2 unit in Orlando that is paid for. It is located in an investor Mecca complex. The management is shoddy and has allegedly embezzled @ 4 million in the last decade. No one cares….

My unit has been vacant for 18 months due to a small kitchen fire and a botched insurance claim from the property manager. The project has dragged on and I have been bleeding funds. My income property has become a liability. The unit is almost done. I can either rent it out again or just sell it now that it is all cleaned up and invest the proceeds in Miami Beach where I can charge more for a long term rental. I have also considered doing short term rental in Miami Beach. I would sell in 2024 for tax purposes and write off the loss for 2023. I welcome any feedbacks and guidance regarding this situation. Thank you! 

[Ash Hegde]

After you close on the sale you would have 45 days to identify a replacement and 180 days to close on it.  There are rules to abide by, but someone like @Dave Foster would be able to walk you through it and make it easier for you.