Hi All - I found a lead on a MFH (5+ units) that is a short sale.

The whole thing seems odd, some people aren't great at responding to leads.

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They are either landlocked or the road leading to it and often than land itself sits inside a dry creek bed known as an arroyo that floods whenever it rains upstream.

My purpose behind my decision to pursue REI is to gain financial freedom for wife and I, my future family as well as have the ability to make sure my parents are well taken care of once they reach the retirement age.If I had to label myself I’d want to be known as an open minded rental investor for all long term, mid term and short term investing, with the occasional flip for quicker capitol to put back into another rental.

(Some have argued that the actions of the Obama administration were illegal taking.)The main problem with having it controlled by the government is that it has been, and will continue to be used for political purposes, right or left, depending on the administration.I'd rather see it outside government control.

This also leads owners to ASSUME simpler is better when it comes to management contracts.

I don't know you guys but even if you think James has a bad reputation you probably should not lead off with that if you are trying to find a solution. 

A property qualifies as Homestead for this exemption if an eligible owner files a Principal Residence Exemption (PRE): https://www.michigan.gov/taxes/0,4676,7-238-43535_43539-210891--,00.html#:~:text=Section%20211.7cc%20and%20211.7,purposes%20up%20to%2018%20mills.Many investors have gotten an ugly surprise when they bought a property that was a primary residence of the seller for the last 20 years.

For tax purposes, the profit is calculated as the sale price minus the cost basis (purchase price + renovations + transaction costs).