Days on Market (DOM) since Q3 of last year.Single-family residence values continue rising and are selling for nearly 9% more than last year - National average for home sale price increases is 4% since last year per one of BP's most recent podcasts.Multifamily properties in Queens have sold for a median price nearly 6% above last year, jumping from $1,058,000 in Q3 '24 to $1,120,000 in 2024.Lastly, despite inventory increases, the # of sold properties has declined when compared to last year.

This can be a game-changer, especially in neighborhoods like the South Loop or near revitalizing areas like Pilsen, where property values are expected to rise.Improvement Exchanges: Recent IRS rulings allow you to use exchange proceeds to make improvements on a replacement property while still qualifying for 1031 deferral benefits.

If you did the latter, then there was no usable bathroom during this time for those residents and technically the unit was not habitable.

Your best bet is to ensure that there are no material modifications that would in any way harm or even moderately delay the ability to rent it out and qualify as a normal SFR (one lease, one family) or sell on the market to an owner-occupant

Quote from @Jerome Wiley: Can the landlord ask a perspective tenant how many adults will reside at the rental property?

https://timesofsandiego.com/politics/2024/10/29/residents-of...It seems the owners should have known the risk, but let’s assume they did know the risk but also knew the precedence of assistance for climate related impacts.  

As you build a track record of successful flips/rehabs, you'll typically qualify for better terms, like higher leverage/reduced down payments.

I have to deny this family who is otherwise likely very qualified.

Since you can't make improvements or exchange into property you own, your qualified intermediary would take title of the property while you  make the improvements.

If a deal doesn’t qualify, our coach personally explains why and offers guidance.