@Nicholas Dillon If you sell a property and perform a 1031 exchange but do not reinvest all the proceeds, the leftover portion (called "boot") is subject to taxation.

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator – so, they often select the first PMC they call or that calls them back!

That just puts too much pressure on a property to perform and adds a bit more risk than necessary. 

Quote from @Jay Hinrichs: Oregon finally passed legislation to reel in unlicensed wholesaling its in this months publication from the state RE agency.Highlights:Goes into effect  July 1 2025Requires:On line application to become a licensed wholesaler  ( RE agents exempt from this of course they already have licenses)Name of company and individuals who will be performing these services.Each one needs a full criminal background check and approval prior to receiving the license.300.00 annual fee for the license.Written Disclosures in Bold 10 point.These must be given to Buyer and Sellers prior to entering into a wholesale contract and signed for.Also RE brokers assisting wholesalers need to give these to potential buyers and sellers.

While under contract, we perform due diligence and there will be some soft costs incurred. 

Start by leveraging your skills to identify undervalued properties, perform cost-efficient renovations, and build sweat equity.

I believe there are a few unconventional approaches that work best for OOS investors looking to perform BRRRR in Mid- to lower income communities.  1.

It's less expensive and improves upon the properties performance.  

I even do write ups on my blog where I share their performance and outline the challenges I faced with each one.Why do I do this?

I performed the BRRRR on one property with the intent of attracting an elderly couple (which I did and they love the place).