Buy something else.

So if 3 siblings all buy a house together and all live in it when they sell up to $750k can be excluded.If married only one person needs to meet the ownership requirement-but both must meet the use requirement. 

So why would we buy the cash flow at a rate of 6%?

@James JeffersonHi James,To buy out the property you need to probably apply for a loan through any lender.  

@Travis TimmonsI had the same reaction as you did, but I held off on posting since I don't yet invest in STRs (I'm all LTR so far, and looking into my first MTR).Buying an STR "to offset income" makes me nervous as well...

Would also love to connect with experienced Cleveland rental investors.Much Thanks Cleveland is one of the few markets in the USA where buying stuff with the 2% rule is still feasible in 2023.

Like the title read the city wants tobuy my property it’s ran down. The city wants to tear the property and surrounding properties down Zillow said it’s worth 38000The city offer me 13000.I could use some advice

The hang up is getting deals formally drawn up.One idea:- I buy the property and pay 25% DP, then they provide capital after the closing and I pay them P&I over 5-10 years.

This will be reason #6272 of why I won’t buy in NJ 

Hey @Mike Nelson, never assume anything about STR rules and regs.Here is the STR rules for Oak Park - https://codelibrary.amlegal.com/codes/oakparkil/latest/oakpa...I would call the city and make sure it is legal for a specific property.Now regarding the famous person angle, sure it can add value to the property or as a STR, but for STR use, I would think you would need it to be in original condition with a lot of the furniture and knick-knacks that were owned by the famous person along with a bunch of photos etc featuring the famous person.If you buy a place that has been totally redone but was owned by someone famous but has no features or things that were theirs, then I don't see it being a draw.