I’m currently selling an asset in another state and completing my first 1031 exchange.

It was an awesome property that would be 8 digits in Southern CA if you could even find such a property.  

You need to expect some years where the numbers won't be ideal until the asset stabilizes.

This is a game where time and information are the most valuable assets, and that's why a job related to real estate can maximize your efficiency.

They were impressed how organized our paperwork was.Notice I didn't list asset protection?

You can’t deduct the full cost in the year you make the improvement, but you would depreciate it over the useful life of the improvement (usually over a period specific to the type of asset, like 5, 7, or 15 years, or over 27.5 years for residential property improvements).

Regarding asset classes, there is almost no barrier to entry on cost since most land flippers do their first deal and make like $4,000 which makes it an option for some to start.

However, ownership distribution must be clearly outlined based on each party’s financial contribution, and income and expenses must be divided accordingly.You might look into forming an LLC or limited partnership to pool funds, which can streamline asset management.

You also need 12-24 months of reserves so need to hold back some of your down payment money possibly depending on other assets that you may have.  

Here’s a good starting point:Identify Your Target Market: Mid-term rentals typically cater to groups like traveling professionals, digital nomads, or people relocating for work.