However, you could look into a “construction exchange” where the funds are used to improve a new property acquired through the exchange, but it must meet specific IRS rules within the time frame. 

@Tom OchiengI would reach out to a real estate attorney for specific advice on this situation since you already have one tenant who is being difficult.On a side note, when I have inherited tenants, I have been most successful when I have provided longer non-renewal notices, like 60-90 days, and offered to assist with moving costs.

@Aishan Gonaduwage what specifically have you read, and how OLD was it, about Detroit being on the decline?

I am just starting out with a STR and found that VRBO is not very specific if they are collecting the tax and paying it to the State as a marketplace facilitator or am I responsible for this tax collection and payment ?

There are a lot of site-specific issues you need to investigate before deciding what the land is worth to you.

Go to BUILD YOUR TEAM at the top of the screen and look for local investors or meetups in your area.

We're often helping each other problem solve our listings or helping with specific situations that are occurring at our properties.

Real estate transactions, especially flips, come with specific tax implications such as the potential for dealer classification, short-term capital gains, and cost allocation for renovations, which can significantly impact your tax liability.

There is risk for the landlord in being added as an insured though - specifically if the tenant and landlord are opposed in a matter. 

I’ve noticed that there hasn’t been much recent discussion or activity specific to the Gainesville, FL market, so I wanted to start a conversation!