The key is that the property must be rented out before you refinance to ensure it meets the IRS requirements for a like-kind exchange.

It's best to discuss these options with your lender and possibly a real estate attorney to ensure you make the right decision.

We want to ensure the property is safe and habitable, but these expenses seem excessive.

This step ensures compliance with local regulations.From my experience, when I had an STR in Cleveland, I only did the regular rental registration, so make sure you complete both registrations to avoid any issues.Cleveland is a popular spot for STRs, especially for visitors coming for sporting events and medical purposes.

I believe you have to ensure all current tenants have the right to decide first whether they'd want to purchase the units prior to the conversion.

Therefore, you likely wouldn't be able to use the 1031 exchange to purchase part ownership in the commercial property LLC.It’s best to consult a 1031 exchange expert or tax advisor to explore your options and ensure you're following the correct rules.

Before proceeding, ensure you have a comfortable cash reserve for unexpected property expenses and maintenance.Property Management: Decide whether you want to manage the property yourself or hire a property management company.

You must know what a good one looks like, screen until you find a good one, then supervise them to ensure they adhere to the agreement.I manage up to 400 rentals and have dealt with thousands of renters.

The main challenge was ensuring the renovations were completed on time, but our efficient project management overcame this hurdle.

This ensures income is properly reported for both years.