I currently own a successful short-term rental in Fort Lauderdale and have identified a new property nearby that I’m confident will perform well.

A 1031 exchange will allow you to sell your building and use the proceeds to invest in a small multi family and/or medium term rentals.

You'll also need $10k-$20k for closing costs and other items on normal loans, as well as 3-6 months of reserves (PITIA) for the majority of lenders. 

If the law allows, I will sometimes move the personal items to storage, which is much cheaper than lost rent, so I can clean up the rental and find a new tenant.

One of my applicants showed up with little credit but no defaults, no evictions, and only traffic violations and verified income high enough to cover well over 3 times the rent and I accepted the tenant despite there being some signs.He paid the rent in time for the most part until a few weeks ago when he stopped and I could not get ahold of him.

Obtain the necessary insurance as well to guard against any hazards or damages that may arise throughout the renovation process.6.

The best is to work with a seasoned banker who knows the system well and knows which questions to ask investors and which not to ask investors.

Are you focusing on local investments within LA County, or are you considering opportunities outside the area as well?

I highly recommend a well-qualified REALTOR who works with investors and knows how to help you best.7.

Well, three top reasons come to mind:It will allow you to deduct their earnings on your own tax return.It is required by law for any person to whom you paid at least $600 in 2023, total.