Some might not be livable at purchase but 5k still seems cheap unless there is something off with the data. maybe the prices were reduced on unlivable properties due to back taxes being part of the deal for the purchase.

What are your thoughts on the market now, post-covid and with rentals/prices at a significantly reduce price from last year?

Price RangeDefine your financial boundaries based on available capital and borrowing ability:For Class A & B, financing typically covers 75%-80% of the purchase price, allowing you to buy properties in the $6M-$12M range if you have $2.3M total cash.For Class C & D, due to higher risk, the price range might be reduced to $5M-$10M with the same cash.5.

There are some benefits to having an LLC on reduced liability, but there are more expenses. 

Perhaps if your partner was a general contractor or handyman type there may be some merit there to reduce costs / increase profitability.If your partner enjoys deal sourcing, a better move might be for him to become an agent - so he could legally collect commissions from finding deals and managing properties for multiple people. 

So while moving back into it for 2 years does bring the 121 exclusion back into play, that exclusion is reduced based on the percentage of Non Qualified usage over the holding period.  

That 18% premium reduces the cap rate quite a bit.

Purchase price: $715,000 Cash invested: $297,000 Current Listed Price: $830,000Original Listed Price: $950,000 (4/13/2024)It has been reduced $120,000 in the las 6 months and hasn’t sold.

We helped her move to PA from FL, provided a furnished apartment at a reduced rate for a while, etc.

PM made a couple attempts to collect and then offered to cover the damage because toilet replacements are not that costly and continuing to pursue the damages did not make sense for them.Airbnb is supposed to cover guest damage but if they refuse to pay for guest damage their insurance has reduced value and cannot be relied upon.