Purchase price: $330,000 Cash invested: $40,000 Hey everyone, I wanted to share a personal story about a property I purchased and renovated in Hudson County, NJ.

Land is valuable as I could purchase a new mobile home and install and less costs since utilities are already on the land. 

I'd make sure just how much extra tax benefit will open up for you annually compared to the cost of the study.You are exactly right - a cost seg will get deferred in a 1031 exchange as long as the property you are purchasing is roughly the same components of things that were cost segregated.

Time is money and I prefer spending my time with my fam and friends instead of problem tenants and legal cases. 

I take my dog to see his friends at the dog park every morning and usually take an hour or two nap in the afternoon most days.

We are seeing much longer wait times on purchases to be cleared for disbursing funds than refinances.

I agree that is will be a gamble as to how well it will do.Also, ask the owner if they will entertain partial owner financing to keep from dragging family and friends into this risky business venture.Maybe even rent from owner for a year with right to sublease to see how it goes before committing to a purchase.

More important than identifying target areas is establishing relationship with a local investor-friendly professional who has personal experience in investing in Cleveland.

Purchase price: $185,000 Cash invested: $35,000 Sale price: $671,000This was our 3rd home.

It’s also helpful to connect with investor-friendly agents and lenders who understand your goals.Good luck!