During the renovation, I faced several challenges due to the home’s age and hidden damages, including ruptured plumbing, termite infestation, rotted wood, and lack of insulation.

Most standard MLS contracts now include a box check for 1031 exchanges. 

FINCEN will administer this.Who is Included?

After discussing their goals, we realized they would like to maximize the property's value while also including me in the process, given my background in general contracting.

I reviewed the SB9 legislation, and it states that properties occupied by a tenant in the last 3 years are excluded from SB9 but only if the project includes demolition or altering more than 25% of the exterior structural wall.

Your calculations should include utililies and repairs, legals, snow removal, etc.

They even show a 16th victim and notate that the authorities are not sure so they did not include it. 

There are a bunch of great investors who are more than happy to share and network (including myself). 

Main benefits to this strategy include:- Low down payment options (as low as 3-5%)- Acquisition experience- Property management experienceThe NYC metro area has nearly 2,000 available 2-4 unit listings on the market.Other new investors consider the BRRRR Strategy.All the best to you on your journey!

I am admittedly a newb in the process of getting all of this set up for my first rental (so correct me if I'm wrong) as well but I have some IL-specific perspective to offer: From what I have read, as of 1 Jan 2024 in IL, landlords cannot exclusively accept EFT payment of rents (includes Venmo, Zelle, etc.) for leases starting on or after that date.