Be mindful of short-term capital gains tax, as profits from flips held for less than a year are taxed as ordinary income, and frequent flipping may result in self-employment taxes.While profits from flips do not qualify for 1031 exchanges (since flips are considered inventory, not investment properties), you can minimize your tax burden by deducting allowable expenses like renovation costs, loan interest, and holding expenses.If you're considering diversifying into rentals, explore opportunities to benefit from long-term tax advantages such as depreciation and lower long-term capital gains rates.

Get a stable income, job and start with going the simple route.

I once bought a house in Essington (Tinicum Township) - 5 minutes from Philadelphia Airport and I learn that the small Tinicum Township had a lot of income from the airport economy: hotels, crashpads, parkings etc

Some people make 4x the rent but squander their income on eating out, drinking, car payments, etc.

Have we tried asking him if he is interested in steady monthly income backed by real estate?

I’m not looking to retire early or replace my income through rentals—I just want to diversify our assets.

STRs generally produce more income than LTRs, but they are more work.

It doesn't matter what your rental income is.Anyone could buy in your neighborhood and make a STR.

And assets that provide you with great depreciation but not great income or stability are just a form of robbing from Peter to pay Paul.   

I jumped into real estate doing the BRRRR method, understanding that holding property will allow me to build generational wealth, but then learning that landlord income is not the best way to feed your family.