This ensures that any payout for damage or liability can be processed more smoothly, and it can help protect your interests if something happens on the property. 

Whichever strategy you choose, ensure you're adhering to IRS rules about prohibited transactions and working with experienced professionals to structure deals properly.Regarding non-recourse hard money lenders in San Antonio, I don’t have specific recommendations.

It also includes managing your existing investment well to ensure you aren't bleeding money due to bad tenants, excess maintenance, etc. 

Research school districts, consider value-add opportunities, and partner with local experts to ensure your investment aligns with your goals.

And, be sure to reinspect the property to ensure that the problem has been fixed.  

If multifamily properties in your area are priced well, it might be worth moving forward sooner rather than later.Risk Tolerance: Since you’re the sole provider, it’s crucial to ensure you have a solid emergency fund to cover unforeseen expenses, especially during vacancies or repairs.Long-Term Goals: Think about how this investment fits into your long-term financial goals.

Step 1: Ensure you can get financing (is it a cash purchase or will you need a loan). 

If this isn't required, then most likely having the GC sign a completion guarantee to ensure the project gets finished and lender is not stuck with a partially complete asset is the case. 

The IRS is taking a more conservative approach and you want to ensure you have all your ducks in a row + a team behind you to back you up if something comes into question.

Keep detailed records of repairs, improvements, and rental income, and consider working with a CPA specializing in real estate to ensure you're taking full advantage of deductions and strategies like passive losses, home office deductions, or even the Qualified Business Income deduction if applicable.Good luck!