Create a thorough remodeling schedule and budget, choose reputable contractors, secure licenses, and supervise the work.9.

We completely remodeled the kitchen and rest of the house but think we will leave the bathroom alone for now since it’s not within budget to renovate.

Can someone provide me with some financing ideas other than the two that I just mentioned that would enable the other heir to receive cash from their portion of the equity based on its current assessed value and allow me to take ownership of the home, subsequently remodel it, and rent it?

It's really hard to remodel, flip, or BRRRR real estate and pay top end labor prices.

They should be doing at least 2-4 full remodels on their own per year on the high end.

I'll play devil's advocate, at that price you might as well invest in multifamily units. 3-4 unit properties are selling in the low $200K and with an average rent of $700/unit, you get better cash flow and spread out risk (1/3 units vacant versus the house 100% vacant.)You do your inspections and make necessary improvements upfront to offset the risks with buying a "used" property instead of brand new construction.Alternatively, how much of a price difference between new construction and a remodeled home?

Weigh these with the time to manage a long distance team and travel to look at properties, check on remodel progress, and property condition after renovation.

From my understanding, you can only claim 60% for 2024; I do not understand how much bonus/accelerated depreciation we could take on a 1.8M property without a remodel.

What I do like about the condo market right now is fixer condos are going for a steeper discount than it actually costs to remodel.

I have three homes, some of which I've subdivided into individual units, one of which has an attached granny, one a remodeled garage studio, and another in which I just remodeled the master suite add-on into a large studio.