But also, how long does it take in this case?

Its just thinking outside the box in this new market. 

In this case it might be more of a 20/65/15 to get what you need out of selling the 1st. 

Quote from @Roger D Jones: Quote from @Fred Scott: @Roger D Jones:  Any insights on why the North Carolina purchase in Fund IV makes you nervous?

I would even suggest a Primary home or Vacation home to pull the cash out of versus trying to find a lender who will agree to be in 2nd lien position behind a investment property.

Alas, this scenario didn't last very long, as you would expect in a free market capitalist society -- new money flood in, more STRs in supply, property prices increase, STR incomes decrease, until a new equilibrium is achieved.Nowadays, the word STR is being used to describe both the property and the business.

The IRS may view this as a change in ownership, potentially disqualifying the exchange.

But honestly, if one is expert enogh in this business, they don't really need the software.

We are all in the same boat.

If you have a 20 year timeline, I'd probably recommend B areas closer to the city or in the better school districts in the suburbs for the highest combined ROI over that time period.Right now you can expect to find decently turnkey multis for about $60-$125k/unit usually all at least hitting the 1% rule in that range.