I think that complexity would probably stop most people. 

Investing in residential multifamily properties allows you to capitalize on this appreciation while benefiting from multiple rental incomes.Easier Management: Managing a small multifamily property in San Antonio is generally more straightforward compared to larger complexes.

I do know that the more complex/custom you make it, the harder it is to maintain.   

.$2,000,000 is going to improvements to the riverfront park adding playgrounds and splash pads.Since 2022 a feasibility study has been going on for a regional sports complex boasting 16 soccer/football fields, 8 baseball diamonds, 50 meter indoor pool, gym, track, and waterpark.There are several more project revamping old warehouse building turning them into trendy new dining and retail spaces.

Strategies like REPS and short term rental loop hole can be complex and expensive to get wrong from a time and money perspective. 

You can check the zoning but if it's a commercial building that's an apartment complex or old hotel turned residential, you can do whatever and the city can't make you come under the permits they require for non-commercial STR properties.

The surviving spouse (not on the lien) tried to file a claim for the fire, but was denied and settlement (complex situation). 

House prices (unless you are talking very expensive homes or apartment complexes) are unlikely to drop $100K.

Hi Justin, you have a complex financial situation, and your questions touch on detailed aspects of how capital gains and 1031 exchanges are treated in mortgage underwriting. 

@Alf Holst I know a property owner who does this for one of their larger apartment complexes, so yes some people do it