Your plan seems viable, but it's advisable to consult with a real estate focused accountant to fully grasp depreciation recapture and the complexities of a 1031 exchange.

I'm Miranda - a Real Estate Investor looking to get into larger projects, specifically procuring apartment complexes.

If you do, you just want to make sure you're up for the management complexity (tenant communication, multiple leases, maintenance, etc)If you want to unload your commercial property, remember that you can 1031 into all kinds of different assets, depending on what matters to you most.

I agree with what other people have stated regarding the need to consider factors which Zillow and Rentometer don't such as condition, amenities of the complex, and age of unit.

While it may seem like a simple concept, it's actually a very complex process that requires significant documentation as well as specific methodologies.

This journey has been both challenging and exhilarating, and I'm eager to learn and grow more in this field.I would love to connect with others who have walked this path and to gather insights on how to successfully navigate the complexities of real estate investing.

Let's break down the pros and cons of each approach:Forming an LLC in the State Where the Property is Located:Pros:Compliance with Local Laws: Establishing an LLC in the state where the property is situated ensures compliance with local regulations and laws specific to that jurisdiction.Legal Clarity: It provides clear legal jurisdiction and may simplify any legal proceedings related to the property in that state.Perception: Operating with a local LLC may give tenants and local authorities confidence in your commitment to the community.Cons:Additional Costs: Setting up and maintaining an LLC in another state means incurring additional registration fees, taxes, and possibly hiring local legal counsel.Administrative Burden: Managing multiple LLCs across different states adds complexity to your administrative workload, including extra paperwork and compliance requirements.Tax Implications: You may face tax obligations in both the state where the property is located and your home state, potentially leading to double taxation or complexities in tax filings.Managing Through Home State LLC:Pros:Simplified Management: Handling all properties under a single LLC streamlines administrative tasks, reducing paperwork and simplifying tax filings.Cost Savings: Avoiding the need to establish multiple LLCs in different states saves on registration fees, legal expenses, and ongoing maintenance costs.Consistency: Uniformity in management practices and legal structures may contribute to efficiency and ease of operation across your real estate portfolio.Cons:Legal Exposure: Operating out-of-state properties under a home state LLC may expose your personal assets to the laws and liabilities of the other state, potentially diminishing the liability protection the LLC offers.Compliance Challenges: You'll need to ensure your home state LLC meets the legal requirements for conducting business in other states, which could involve additional filings and fees.Perception and Credibility: Some tenants or local stakeholders may prefer dealing with a landlord who has a local presence, which could impact your reputation or relationships in the community.Ultimately, the decision depends on your specific circumstances, risk tolerance, and long-term goals.

I know in the apartment complex I was living in during the heart of the recession, the property manager started reducing everybody's rent by 10%+ because there was a sudden mass exodus of tenants.. and our rent was already pretty cheap for the area.And with that said, it seems to me that you should create some wiggle room for how much you can afford to charge in the  absolute worst case scenario to make things work.  

They can help you navigate the legal complexities and ensure that your rights and interests are protected throughout the process.Remember, seller financing can be a win-win situation, but it's vital to approach it with due diligence and proper legal documentation.

Are there amazing amenities at the condo complex that would set it apart?