The plan is to: - Make regular payments on the seller-held mortgage for the agreed-upon term.- Pay off the balloon payment at the end of the term.- Immediately refinance the property with a traditional bank mortgage to pull out a significant portion of equity. 

I could sell my entire portfolio of 28 doors and pull the leverage lever OR I could sell this 14 unit and pay for something in all cash and do a lazy 1031 exchange, or do a regular 1031 which puts more pressure on the time frame. 

Txs for updating us Bala.

Purchase price: $285,000 Cash invested: $135,000 Side by side 2-family properties (4 units in total), which needed either updating or a full build out.

Once updated, the building will provide modernized living spaces and support a significant rent increase, enhancing cash flow and property value.

Would love to hear an update on what you decide to do!

One is a 2bed/2bath completely renovated and the other is a cinder block house 2 bed/1 bath that needs minimum updates.

I am not sure I've ever seen where the tax writeoffs are different for STRs than they are for MTR's or LTR's in terms of writing losses off against your regular income. 

I will be self-managing this first rental, so I have wondered what the best way is to make sure the softener is regularly salted. 

Renovated with cosmetic updates for immediate rental income, it offers strong cash flow while preparing for more extensive repairs and the addition of an ADU.