Others use more traditional approaches.When a JV Agreement gets under strain by partners disagreeing on an issue, someone needs to be able to break the stalemate to preserve the investment.

I just know that if you have to fight the Historic Preservation Commission you have to be very careful.  

Also when purchasing properties try to stay from the Historic district, each city here in Hampton Roads does have them, and the Historic Preservation Commission can be a pain to work with.  

Wealth preservation versus generation.  

I would unravel the gift to preserve the step-up in basis, but help grandma out with bills.

Of course it’s not as simple as it appears.....lots of hidden costs, taxes, insurance, preservation, etc. and much depends on the jurisdiction as to length of foreclosure process. 

I will eventually sell the property and hence want to preserve the tax benefit.

The 'cash-flow' requirement can be missing when you're in the capital preservation phase, but you still need to buy below market value and reasonably expect good appreciation.  

Quote from @Carlos Ptriawan: also since most of the advice in BP is coming from sell side, the return we got is the normal return hence why I am no longer interested.I am interested to gain abnormal return.my exerience- making 80k-100k per flip from 500k home is possible, only in CA- Out of state could be a good appreciation vehicle too- the wealth builder is created when we invest in expensive state only (CA/HI) with at least two properties- invest locally is thousand time better than investing outside because of the potential it creates- househacking and ADU is finance freedom LOLBut i develop a strong very atypical thesis also:- there' nothing passive about real estate investment- investing in syndication is more active than direct ownership- the risk of the unknown of unknown is the biggest issue in any real estate- at the end of the day, the probability of we as landlord is hitting problem with tenant/city is like 100% so be prepared- the difference between different type of real estate investment is the unknown factor and that's always the least discussed- strategy is always different depending on macro climate, if mney is cheap leveraging equity is the best, if money is expensive then buying debt is good option- don't chase best return but chase the most understood risk and capital preservation as a goal- not all RE investment has equal return/risk , syndication in multifamily for example is outsourcing all risk to investor while gp makes the most money lol- direct investment is always always better than indirect investment, except in certain asset class and extremely good sponsor that could find a noticeable return/risk reward.- donot follow the crowd, when everybody else is buying then it's good time to sell, vice versa LOL- if the math doesn't pencil, GTFO lol I do not agree with everything in this post but agree with a lot of it so I thought I would add my view.

With careful planning, attention to detail, and skilled craftsmanship, our goal is to enhance the property's value while preserving its unique character and charm.