It just depends what your buy-box is... but we normally build to an 8-9% cap rate on the sale side.

In that case, the GP, who was a cheating SOB, issued a K-1 allocating cap gains [§1231 gains] to my Client, who was a minority LP.  

Conventional loans will require 12 months seasoning for cash out and are usually capped at 75% LTV 2.

Most nearby cities are the same.Even in the Denver-adjacent cities that do allow non-owner occupied STRs, they vary widely -- some have caps on STRs, some cap the nights rentable as an STR, some cap the number of vacation rentals one owner can have, etc. etc.This is all to say, first know where you can do Airbnb, then start running numbers.

Quote from @Frank Pyle: You can refinance with conventional but value of property for LTV purposes will be capped at purchase price plus documented upgrades for the first 12 months.  

Unfortunately cap ex usually catches up to them and the appraised value rarely translates to a similar sale experience and all along the property has merely been a highly levered property.

Purchase price: $4,100,000 Cash invested: $2,000,000 79 unit value add apartment complex with roughly 800k in cap ex completed What made you interested in investing in this type of deal?

For the most part, due to interest rates, breaking the 1% cap rate still won't provide positive return after expenses.

Don't forget to add disposable shower caps, ferrero rocher/dove/or lindt chocolate, biscoff or Pepperidge Farm Milano cookies if you can't get to your local bakery.  

I'd sell because you are reaching the time when you lose the cap gains exemption and that $24K would take over 2 years of renting to get back.I had a condo that I owned for a long time and I sold it despite it being paid off and having long term tenants.