This can be less adversarial and often less costly than going to court.Given the complexities involved, especially with real estate investments and an LLC, it's advisable to work with professionals who can guide you through the financial, legal, and tax aspects of the division.

The deal involves buying an existing single-family house for $700k that conveys with a vacant lot.

If it's low-income housing, it typically involves higher risk, but if you have good, trustworthy tenants, the hassle of changing locks might not be worthwhile.

If so, that would be a good starting out point as $20k can be enough with a hard money loan and a lower value property (although likely challenging in CA).DSCR Loans are an option for turnkey and a refinance - there is no DTI involved in the qualification so salary does not matter

Stay involved in the renovation process with regular site visits and open communication with contractors to keep close tabs on the project.

Clarify all fees involved, including acquisition, management, and disposition fees.

Cons are the cost involved in (both time and money) and loosing out on having a professional to guide you through the process. 

How involved do I want to be in this project?

Turn over to PM, 1031 into something I don't have to be involved with, or cash out and deal with the recapture and capital gains and move the money into fixed income.

This strategy involves ongoing landlord responsibilities and potential vacancy risks during economic downturns.Rental Market DynamicsAs of 2024, the Las Vegas townhome and condo market continues to experience strong rental demand, despite some inventory relief.