The mess that we took over was substantial - no leases, little contact info, and no idea what the security deposits were.

Plenty of multifamily real estate here and multiple, billion dollar companies are investing substantial amounts of money into our area, such as Intel, Google, and Amazon.

As you know this will defer the taxes owed on the profit of the sale, which in my case, would be pretty substantial given my salary as a pharmacist. 

- Your intake -Are you willing to create boundaries and rules for your leases?

With a substantial portion of this debt held by banks and regulators pushing for decreased exposure to CRE, liquidity becomes a pressing issue.

You can do this every year and max out rent without the tenant feeling the burden of rent going substantial amounts year over year. 

Echoing what @Devin Peterson said... unless you put a lot down, purchased below market, renovations substantially increased value, or better yet a combination of all that he wouldn't have enough equity to refinance.

Tyler Shirk's team with Bear BnB is the "go-to" for STR PM in Kansas City-- and they specialize in taking control of the property, furnishings, and pretty much handling everything.

The more substantial gains you will realize over time are through appreciation and the other liquidity event tends to be when you have the ability to refinance assets when timed correctly.

It was intended to be a gift for my mother, who for various reasons ended up not moving in, and I sold it in 2023 - 13 months later - for a substantial profit.