I am sorry that the storm that passed through just prior to your stay required emergency roof repairs. 

Albany, Syracuse, Utica, OH, PA, etc.) for cashflow.The challenge in these markets is that demand is through the roof, and many properties either sell at the asking price or above the asking price (Suffolk's sale price average was 1.5% ABOVE the asking price).If I were in your shoes, I'd explore local and remote multi-family options before considering the mid-term rental route.All the best!

Does that operational aspect have to devour all cash-flow, no not necessarily but it could, all depending on situation specifics right. 

I am interested in the legal aspect of the transaction.

The aspects that would make me look very hard are: 1) how do I ever actually get my $$ back out of the UPREIT?

I also like Haverhill as a peripheral city to Boston - commuter rail stop, close to major highways, and nice downtown with some municipal improvements on the way.PROPERTY OVERVIEW:Unit Mix: (3) 2BR units, (1) 1BR unit, plus parkingRecent Upgrades: New roof, updated electrical panels, new hot water heaterLocation: Walkable to downtown in a well-established neighborhoodParking: Dual driveways provide off-street parking for tenantsRENOVATION SCOPE & COSTS:Limited photos available, but if the rest of the house is in similar condition, likely cosmetic rehab only (~$30K per unit).Potential upgrades include paint, flooring, kitchen cabinets/counters, and appliances.Ideal for a DIY landlord or owner-occupant looking to add value, but also works well for any investor seeking cashflow.MARKET RENTS & INCOME POTENTIAL:Market Rent Estimates (based on local comps):2BR Units: $2,200 - $2,500/month1BR Unit: ~$2,000/monthTotal Potential Rent: ~$8,600/monthCurrently Fully Tenanted:Current rents cover mortgage payment.Would need to manage tenant move-outs before renovations, which could delay the project.Evictions may be necessary if tenants do not leave voluntarily.FINANCIALS & PROJECTED RETURNS:Financing Assumptions:20% down payment, 7% interest rate, 30-year fixed mortgagePrincipal & Interest (P&I): ~$4,524/monthAnnual Expenses (including taxes & insurance): ~$17,000Utility Costs:Heat is not separately metered, leading to higher utility costs (factored into analysis).Projected Cash Flow & Returns:10% cash-on-cash return once stabilized$31K+ annual cash flow5-year total ROI ~95%, factoring in principal paydown and 2% annual appreciation

If you are into positive affirmations, the Miracle Morning, Tony Robbins, etc. then you'll enjoy that aspect. 

No state income tax.3. property tax's some of the lowest in the country.4. quality of construction most homes are built with stucco and tile roofs and desert landscape compared to much of the mid west rust belt were its very common to be looking at houses that are 50 to 100 plus years old. and yards grow fast  snow sleet ice all take more wear and tear on your units.we do a lot in most of the mid west rust belt states. the prime motivation is price point and rent to price ratio for those aspects they are the best.

Huge hole leaking water into the roof, and more.

What happens if the roof has to be replaced?