Even desperate though, this owner would literally walk away empty handed - no cash and no property.

I am not even sure that this is STR related.

I will say that it was the one of the best experiences I had as a newer Real Estate Investor or even someone that’s just looking to learn more about Real Estate strategies.

There are a lot of accidental partnerships created.Would the accidental partnership apply even to my wife?  

Don't even think about preparing a tax return without using Turbo Tax or equivalent.

Please consult with an attorney that is familiar with 1031 exchanges.If you move into the farm after two years and later sell it, capital gains will be prorated based on investment vs. primary residence use, limiting your Section 121 exclusion ($250K single / $500K married).

You'll want to gather the last 2 or three months of COMPLETE bank and brokerage statements...even if you think we don't need to see it...give them to us.

Thank you Eric.In addition to the rental properties, my wife and I have a paid off house, paid off car, and about $1.4m in retirement accounts, brokerages, and savings.We live in a HCOL area and our expenses are $9.5k per month even though we live pretty modestly.I set out initially to have real estate pay for at least some of my expenses in order to give me more freedom and financial security.Is your wife quitting too? 

Lenders often require 30-40% down.Cash flow considerations – Since all expenses must be paid from your IRA, maintain liquidity to cover unexpected costs like repairs and vacancies.Rental properties vs. commercial deals – Residential rentals and commercial properties can both be great options, but keep in mind management complexity and income stability.Generally speaking, stay compliant – Avoid prohibited transactions, such as personally guaranteeing a loan, living in or personally managing a property, or transacting with disqualified persons (yourself, spouse, ascendants, or descendants).Diversify your portfolio – While syndications and real estate are great, consider mixing in other alternative assets like private lending, tax liens, or even notes for additional risk management.Work with the right custodian – Make sure your SDIRA custodian is well-versed in alternative investments and has experience handling syndications and non-recourse financing.If you’re looking for specific lenders who offer non-recourse loans, I’d be happy to point you in the right direction.

I live in New York and majority of the inventory on Long Island is too expensive for even renting.