So at best it's a game of musical chairs for most where they hope to have big gains in money and none to small losses before the sink ships on the cycle.

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.

Gain two years of experience managing a rental.

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?

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

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

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

The U.S. offers real estate tax benefits like depreciation and favorable capital gains rates, which you can leverage while residing in Canada by structuring your investments properly.