You rent it for one year and create a successful STR business that shows a trailing 12 month net income of $75,000.  

When I ask for an income report, I received a spreadsheet with multiple units. 

Wish you the best.If I was you, first step is evaluating costs associated with doing MTR and comparing with potential rental income to see if it makes sense to do LTR or MTR.

Here’s a quick breakdown of our financials:Operational expenses (excluding mortgage): $33k (Jan-Dec 2024)Annual mortgage payments: $58kTotal needed to break even: $91k+Income earned this year: $80kClearly, we need to bridge a gap of about $11k just to cover our expenses, and I’m exploring options to increase profitability.

This is the 2ND month the same problem is happening now, we have been with Appfolio for more than 5 years and have about 60 - 80 units collecting rental income through Appfolio and we never had this issue before with the previous Appfolio team.

In judicial states in which the foreclosure process often takes a year or more, this not only generates income, this also typically mitigates property deterioration, vandalism, and other costly issues which diminish the value of abandoned properties which remain vacant for extended periods.

I do require full screening for the incoming tenant, and updated income screening for the full group of tenants.

If you paid under $230k, you’d save $30k in federal capital gains taxes and maybe another $15k or more in state income taxes.

I sell insurance and prepare income tax returns but I am not an attorney and don't play one on television or radio.The Illinois Legislature has a law either pending or just passed that will GUT LLC protection.

-------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?