Question: When buying an old building (constructed in 1900 with an effective build year of 1960), what should I look out for and ask about? 

My investment partners and I have made considerable investments in Mount Airy over  the past few years, worked with a number of brokers on acquisitions and can honestly say not a single one has been able to effectively articulate our neighborhood investment thesis which tells you how challenging the neighborhood is. 

Effective December 1, 2024, ownership of the property has been transferred from Michael Anderson to Electric Sage Brush, a limited liability company.All terms and conditions of this lease agreement remain in full effect, and all payments, notices, and correspondence should henceforth be directed to Electric Sage Brush LLC at the following address:2001 Space Odyssey Dr, Cody, WY 82414This change in ownership does not affect the tenant’s rights or obligations under the lease agreement.All parties sign to confirm the change.

Looks like is passed in 2022, effective this year.

If your accountant isn’t providing strategic guidance on structuring or tax optimization for real estate, consider finding a real estate CPA to ensure your long-term goals are met effectively.

(Think of it as you are the "bank" in a typical REO transaction). 

If you would like to get more than the cash you paid for the property and use the new appraised value, the shortest period I've seen is 3 months of waiting period between when you closed on your last loan or transaction to when you close on your next loan / transaction.More on DSCR loans in case helpful: DSCR loans won't use your income to underwrite the loan.

A 1031 Exchange is a real estate transaction that takes advantage of a Federal tax law, so the state you do it in is of no consequence.

Hourly rates can range from $150 to $500 per hour, depending on the lawyer’s experience and the complexity of the documents.In New Jersey/Delaware Valley, the rates can be on the higher end due to the higher cost of legal services in these areas, with some attorneys charging upwards of $300 to $500 per hour.In areas with a lower cost of living, such as rural locations or states with a lower overall legal rate, the costs can be lower.It’s best to shop around and get quotes from a few attorneys familiar with private lending and real estate transactions.

My dad's mixed use property was grandfathered as it was built in 1890, before zoning laws went into effect here in the 1920's.