The bottom line is, the strategy can open doors you didn’t even know existed.. it’s not just a tax hack, it’s a wealth-building strategy that rewards a little patience and a lot of foresight.If you’re floating around Chicago, Omaha, or even dipping your toe in the Phoenix or San Antonio scenes, I’d love to help you navigate this territory.

Secondly, the appraisal often notes functional obsolescence because of this and a lack of a common area.

And as well as that, ask around like you are now!

If you’re weighing a move.. be it a 1031 exchange in Oregon or locking in a promising rental in Phoenix.. just remember that the right local knowledge, strong relationships, and a willingness to adapt can set you up for something more than just another line item on your spreadsheet.

However, if you’re interested in a very specific type of property and a specific type of sub-market, it will be very difficult to find a wholesaler that meets your needs. 

Microsoft Excel, and most budget or free online bookkeeping isn't going to cut it in this situation.For the rental properties you own directly, I often tell clients and prospects that a P&L in Microsoft Excel is just fine and a balance sheet is not necessary for tax purposes. 

Using this to measure cash flow and a few other metrics seems to make most properties I run numbers for very good opportunities.

Newer appliances, free nice laundry, 2nd floor, yard space, storage, clean bathroom, included heat, installed window A/C.Appraisal suggested the unit was worth 2,300 a month, which I felt was a bit high, so I listed it for $2,150 with no move in fee and a 2k deposit.

Assuming you've met that, your original loan amount was ~$364,500 with 10% and a purchase price of $405k.

I was able to sell the SFR for $62,000 with a wrap around $50,000 mortgage at 12% interest and a pre payment penalty if paid off before 10 years.