Partnering" needs defining.

This can involve public hearings and meeting specific requirements.Surveyor: Hire a surveyor to map the property and define the boundaries of each condo unit.Legal Counsel: Work with a real estate attorney to ensure all legal requirements are met and the condo conversion is properly documented.Financial and Operational Considerations:Condo Fees: Determine the monthly condo fees for maintenance, repairs, and other communal expenses.Insurance: Ensure proper insurance coverage for the condo association and individual units.Reserve Fund: Establish a reserve fund for future repairs and maintenance.Tax Considerations:Initial Purchase with 1031 Exchange: 1031 Exchange Basics: By using a 1031 exchange, you defer capital gains taxes on the sale of your previous property by reinvesting the proceeds into a new like-kind property.Down Payment and Financing: You're putting down $220,000 and financing the remainder at 8% over 20 years, resulting in a monthly payment of $2,593.Converting to Condos and Selling Units:Capital Gains Deferral: The 1031 exchange allows you to defer capital gains on the initial exchange.

I really want to get into flipping houses if not at least working on the in my own time, however; I am worried about the time and money aspect.

@Ben Russell- thanks ..ARM rates are definitely higher / worse than fixed rate options  ( especially on invst properties ) ...Use the  30 yr fixed option and make sure you have the delayed financing aspect figured out ....no way you will be able to get mid  6% range at this time 

This can potentially enhance long-term wealth building.Tax Deferral-By reinvesting your proceeds into like-kind properties through a 1031 exchange, you can defer capital gains taxes, allowing you to reinvest more capital.Market Timing-Despite the competitive market, a 1031 exchange gives you a defined timeline to identify and acquire properties, potentially putting you ahead of other buyers who might not be as motivated by a tight deadline.Cons:Lower Initial Cash Flow-Acquiring additional properties may reduce your immediate cash flow, especially if properties in your target market are not as cash flow positive as your current property.Risk of Overpaying-In a competitive market, there's a risk of overpaying for properties just to meet the exchange deadline, which could impact your overall returns.Either one is a valid option, but overall it depends what your financial goals and restrictions are.

I think we could also see more partial open floor plans with offset kitchens that open up into a more square and defined living/family room. 

For example, the Internal Revenue Service (IRS) has published various materials relating to tax regulations on real estate investments.Publications such as Publication 527 (Residential Rental Property) and Publication 946 (How To Depreciate Property) provide detailed information on rental income, expenses, depreciation, and other aspects of real estate investing.

Rafael   Welcome, IMHO one of the most important aspects to residential remodeling and construction is to be onsite all the time, especially when new.

You cannot make money in REI while making a difference in that aspect, in general.

Im in this space and in no why would I ever gamble my mothers resources she will need on one of the most volatile, high risk aspects with a very high failure rate.