You should speak with a CPA and a tax attorney to be safe.Regarding your thoughts about 1/3 equal splits - sounds good until you check out the cost of getting a DSR rehab loan or borrowing hard money.

It sounds like you are running a small management company for STRs?

Sounds great...I tell myself I will retire at 40 but with 9 years left to go i'm not sure I can wait that long!

Paige, this sounds like an exciting project!

Most invest in these smaller assets focusing on wrong criteria leading them to markets without meaningful appreciation and even when they do stumble across a market with strong fundamentals they do not understand  real estate finance and/or fail to exit these assets when they the appreciation event occurs wrongly focusing on rental cash flow.The ability to combine a high earning W2 with a sound investment thesis is a winning recipe but not realistic for most.

Hey Daniel, sounds like your in a good spot to reposition your portfolio. 

A tidy profit, plus confidence to tackle the next project solo.On the topic of self-directed IRAs: While they’re fantastic for gaining experience and diversifying into real estate over time, they can feel restrictive if your main goal is scaling quickly.Here’s what I’d focus on:Using Equity Wisely: A HELOC or cash-out refinance could unlock funds to pursue a flip or duplex without touching your 401(k).Partnering Smartly: Your realtor friend sounds like a great resource.

William, sounds like the Land Riches blueprint covers a lot!

It sounds like you’re setting up for a solid multifam portfolio—between you and your dad, the combined entitlements give you a lot of flexibility.

It sounds like you got a solid plan for your first investment.