You make the mortgage payments on their behalf.Advantages:Full Ownership: You gain full legal title to the property while keeping the favorable 3.25% interest rate.Control: You have more control over the sale because you hold the deed.Simpler Resale: Since you hold title, you avoid the complications of a land contract when reselling, especially to FHA buyers.Risks:Due-on-Sale Clause: The lender could potentially enforce the due-on-sale clause if they find out you’ve taken title, though this is relatively rare in practice as long as payments are made.Higher Closing Costs: You would need to close formally and cover title, closing, and potentially transfer costs.3.

Since you and your wife lived in the condo until September 2021, you can sell it and potentially exclude up to $500,000 in capital gains (as a couple) if sold before September 2024.

After you do that get to 5 million dollars in real estate that is when everything really starts gaining traction and your wealth turns into a run away train. 

After operating the STR for the first year can we turn the STR into our primary residence for 2 years then sell and avoid capital gains tax and depreciation recapture instead of doing a 1031 exchange?

Gain two years of experience managing a rental.

We estimate that the property is nownworth $950,000 to $1,050,000 (based on comps) - we gained approx $500,000 in equity by converting this into a commercial property!

While I’m just starting out and don’t have a portfolio yet, I’m committed to making my first investment in 2025.I joined BiggerPockets to gain the education, insights, and support needed to confidently make that leap.

Feel free to share any insights you gain along the way.Jackson

If you're open to collaboration, that could be a fantastic way to gain hands-on experience.

probably have to type the url in seperatly.. but you will see on our front page the White farm house black trim and very nice landscaping that Steve is mentioning.. its the hot ticket today. at least in our market.. its the Joanna Gaines effect