In general I'm saving for repairs to the property, but we all know that this covers a wide spectrum.

We provide high-quality photos and a virtual tour with room measurements.

Looking back 10 years this complex had dues increase for most years at around 3% but for 2023 it was 18% and 2024 19%. 30+ year old complexes really start wearing down and many times were not the highest quality construction.

First, you would need to subtract allowances for repairs and vacancies (a necessary prediction).

Set a deadline for your first purchase and mitigate fears by screening tenants, buying for cash flow, and having a repair fund.

I'm thinking a house hack with a V.A. loan so you could slide with that 0% down and allocate funds for repairs. 

A family member contacted me directly, so my agent hasn't been involved at all with this deal so far.In that case, the only reason that you would pay him the 3 percent is you wanted the assistance with the whole process from negotiation, home inspection, negotiating any repairs, mortgage and closing and title referrals.

Also, in a 1031 the seller cannot take possession of the funds so you giving him the downpayment to do repairs would be challenging.

Trying to manage a $1M Airbnb rental while it sounds good you got $6500 in bookings you still have significant costs to operate it with maintenance repairs, utilities etc.

You’d gain tax deductions, and you’d relieve yourself or your parents of any additional work regarding reservations or repairs.