It also sets a positive tone and builds trust with new tenants, showing them that their living environment is taken seriously and maintained with care.

The business environment remains healthy. 

From there likely a short spike due to the market being more reserved as the policy starts to take hold and lenders opting to raise rates a bit to be on the safe side while the policy settles itself in the new economic environment.

THEN ask about investing out of state.This isn't helpful advice for beginners that live in an expensive market and are trying to get started in today's environment.

1031 exchange sounds good in theory, but you need to do it in an area and at a time where there is inventory to choose from because once you identify the three properties, you have to close on one of them which is very difficult in a competitive environment.

However, I believe it has deflated a bit recently due to the current interest rate environment, increased inventory of nearby new homes at a low(ish) price point, and the neighborhood turning to mostly investor owned homes.I do have mortgages; the tenants are paying these down. 

But the 199A is scheduled to sunset in 2025 under the TCJA unless made permanent.It wouldn't be uncommon for some investors to only realize taxable income on 40-50% of their dividend distributions in today's current environment (I have seen this personally).You asked about fees, so one quick comment.

Sponsor is realistic about current market conditions, and is humbling themselves on current portfolio, while also realistically appraising current environment as a potentially better buying opportunity than the peak 3 years ago. - Sponsor learns from mistakes.

My properties are primarily in Arvada, CO, but I have a pulse on the market of regulatory environments throughout the state since I am almost entirely niched to STR investors in my business.

The larger unit will have higher maintenance/cap ex even with coastal environments being harsh on some items.I suspect your expense estimates are far too low especially if you kept the BP calculator default percentages.