My question is, is it wise for my first investment property to be out-of-state? 

My question is, is it wise for my first investment property to be out-of-state?

@Haider Abdullah I’m wise enough not to tell you what to do but I can share our thought process as we are in a similar position.

However, due to the financial quandry that Congress is now in, for how to pay for U.S. efforts to over-come COVID-19, & which implies that Congress will devalue the U.S. dollar, to do so; it is wise to buy real estate, as one of the few things which holds its value in inflation years.

We repainted the whole unit, everything was honey oak wood-wise, so we stained the doors, updated the hardware, stained the windows, and painted the fireplace and trim white.

You are making a wise decision but definitely read the book and keep making connections in order to make educated decisions!

Because the highest ROI is about 1000 miles away from me where I own a number of properties that make a ton of moneyI tend to buy in the Southern half of the US for 3 reasons:1) you get much higher year-round occupancy rates in the South & it’s simply tough to earn a good ROI in the North if your place sits vacant for a big chunk of the year2) Culturally, the Southern half of the US seems to be a lot more accepting of STRs regulation-wise.

The way I'm thinking is that at my 32% tax bracket flipping this house will be fairly painful tax wise whereas if I put some debt on it and held it for a year then I could 1031 out of it. 

@Kevin WhiteYou want to consult with an attorney to draft up an operating/LLC agreement.entity wise, it looks like an LLC will likely be your best bet with each family member being an LLC.Make sure not to skip the step of speaking with an attorney.

Jack, great question and very wise of you to place it.