If you gift your share, it may trigger gift tax filing if the value exceeds the annual exclusion ($18,000 for 2024 and $19,000 for 2025), though no immediate tax is due if under your lifetime exemption.

Estimates on the homes value are often completely wrong.  

How did you add value to the deal?

We discovered problems that required a lot of work and significantly reduced the property’s value, forcing me to lower the price.

., known for its upscale appeal and strong demand for vacation homes.Properties in the Hamptons attract affluent buyers and renters, offering a high potential for appreciation and steady rental income.he property may have been undervalued due to its condition, presenting an opportunity to add value through targeted renovations.

This will consist of finding a good deal that requires some work and is below market value, and making sure your contractor is accurate with the budget and executes the work as stated in the contract.

A friend of mine had a similar journey - they turned their old home into a rental property and soon realized they loved managing tenants and exploring ways to add value.

@Michael HoustonSo cap rates are for commercial properties so they have no use in 1-4 unit values.

- How much do you value your free time?

If values do come down I dont look as good on paper , if rents go down I dont make as much money .