@Sheena Varghese For flips taking over a year, the IRS treats them as business inventory, so profits are taxed as ordinary income, not capital gains, regardless of the holding period.

When the syndication is sold in future years, are the gains, depreciation recapture, and distributions also taxed as active income?

Once you gain that experience, it may become more efficient to delegate the task rather than managing it on your own.

https://www.biggerpockets.com/airbnb-calculatorI would not go cheap on the furniture and really pay attention to the design and amenities you can have that compete with the top places near by.

@Chris Grenzig  The chart on Wikipedia is interesting, its showing the population gains/losses from 2020 to 2023. 

Gradually transition to larger, higher-end projects as you gain confidence and expertise, balancing risk and reward.

If you're able to get tenants paying over market rents, you can also gain a lot of interest because of the heavy cash-flow. 

Learned that AirBNB needs a lot more time and attention than a long term rental.

I do recognize the value and potential for great gains in doing a fix and flip and it is definitely on my radar.

If you can do a renovation loan with 203k or a homestyle loan to house hack a 2-4 unit multi-family, that typically has the highest potential for equity gain with the lowest cost.