Hello everyone, I am located in New York City (Bronx), and I am currently tackling a renovation for a triplex rental I plan to keep.

While it can be beneficial for spreading tax liability and estate planning, DSTs are complex, costly, and subject to IRS scrutiny, requiring precise implementation.

I plan to get on an income driven repayment (IDR) plan once I graduate this spring.

Doubt this is the final version as the "smart" people in the city understand Detroit is coming back and needs to keep welcoming investment instead of putting up roadbloacks:)As many STR landlords have learned in other cities and in oversatuarated areas, it's always good to have a backup plan!

Just be transparent if you plan on working with a Realtor, you know how many times they have a "Buyer" or "investor" calling them or emailing them that " I NEED TO FIND DEALS ASAP" only to find out it's another wholesaler trying to get deals out of them.

Your current plan seems like a lot of sacrifice for limited gain.  

We are currently in the process of Renovating this home built in 1965 and plan to have completely transformed it by spring 2025.

However, I'm now reading Dave Meyer's book Start With Strategy to learn more about whether long-term residential rentals is even the best approach or if I should be looking into other strategies, in light of my overall goal.After Start With Strategy I plan to read Set For Life by Scott Trench, but what other recommendations do you guys have at the strategic level?

For savvy investors, the key to keeping more of your hard-earned returns lies in strategic planning and leveraging the right tools to minimize tax liability.Whether you're looking to reinvest in another property, take advantage of depreciation, or explore unique tax-deferral opportunities, there are powerful strategies available to help you reduce your tax burden and maximize your financial outcomes.

When are you planning to do the renovations and rent out the other unit?