Purchased his “books and tapes” and attended 2 of his workshops.  

I’m looking for some advice on a fix/flip property that I purchased with two friends almost two years ago.

To be successful as a real estate investor in any form - except maybe purchasing the Vanguard REIT index fund - an investor needs education, knowledge and understanding of real estate principles, real estate law, and real estate finance.  

The biggest determining factors for STRs in the area are purchase or build price (and associated mortgage) vs rental expectations, that will help you determine net cash flow.

Where the SBA 7A can be used for all parts of the purchase and is generally Prime+ 2%, 10 years, the 504 (bricks & mortar only) is generally Prime -2%, 25 years. 

Too bad you can't buy something owner-occupied, put 5% down with the best interest rate, live in it for 12 months (and fix it up), rent it out and repeat the cycle.Here's some other info you might find useful:----------------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I would  show you purchase strategies, real estate monetization, rent roll leveraging, portfolio margining and asset protection/deep tax deductions  

Quote from @Srikanth Kumar: Hi Everyone,I’m relatively new to long-distance investing and am exploring the purchase of multifamily properties in Cleveland.

You must use a work around and send it to yourself, then proceed to fill out the application as a prospective tenant clicking next to be able to see each next page! 

Once the 1031 is complete the LLC dissolves and again the property is distributed to the former members, including the properties just purchased in the 1031 exchange (which each member probably picked out for themselves).This method solved the feared "held for investment" issue.