There is a condominium complex that is fantastic for short term vacation rentals.

This approach is cost-efficient and eliminates the complexities of dual-state filings.

Mortgage recasting is a great option for homeowners who:Have received a windfall, such as a bonus, inheritance, or proceeds from selling another property.Want to lower their monthly payments without extending their loan term or going through the hassle of refinancing.Are satisfied with their current interest rate and loan terms.How to Get StartedIf you’re considering mortgage recasting, here are the steps to take:Contact Your Lender: Ask if they offer mortgage recasting and confirm your loan’s eligibility.Determine the Lump Sum Amount: Decide how much you can afford to put toward your principal.Calculate Potential Savings: Use an online mortgage calculator or consult with your lender to estimate your new monthly payment and total savings.Submit the Request: Once you’ve made the lump sum payment, your lender will process the recasting and provide a new payment schedule.Final ThoughtsMortgage recasting can be a powerful tool for homeowners looking to reduce their monthly payments and save on interest without the cost and complexity of refinancing.

It is somewhat complex to try to explain on a forum, but at a high level, you (aka GP) and your family member (aka LP) would agree on how much the 2 of you would put in for the amount of equity needed (usually expressed as a %).

Quote from @Angus Brooks: Hey All-  I own a small apartment complex in a two entity LLC and am wondering what the tax implications are for a cash out refinance. 

I am thinking to switch to online rent collection from receiving checks in the mail, but worried that receiving 1099k will increase the complexity during tax filing time.

We are chasing add value apartment complexes of 32 units or more, priced between 3.2M - 4.8M, purchasing all cash while using SOFR or Fannie as contingencies, targeting a 6-8% cap upon entry and want to operate sub 5% for stabilization.

I am currently selling a 16-unit apartment complex, the first one to sell since 1998 when this buyer bought this one!

The owners of 100+ unit complexes are not individuals who will be swayed to sell by a good offer or the need to cut short term losses.

What if you have an apartment complex with 20 units?