They specialize in funding spec build/new construction.

If they’re underfunded, you could get hit with special assessments.Since you want to stay local and focus on cash flow, commercial makes sense, but have you considered industrial or flex space?

Based on this of course it would still be risky, specially being the first time but better start somewhere than just keep analysing properties right?  

Totally different policies and procedures.Sounds like you don't trust your agent though. 

Some lenders specialize in this area.Legal and Tax Implications: Consult with a real estate attorney and tax professional to understand the legal and tax implications of owning an STR in a different state.I'm happy to answer any specific questions you have about my experience.

The participants should contact a knowledgable insurance agency specializing in investment real estate.The only person or entity needing to execute documents for a future refinance or sale is the buyer.  

Purchase price: $162,500 Cash invested: $75,000 I was offered this property directly before it went on the market from my agent.

Syndication Reporting IssuesMissing Form 8918 for reportable transactionsInconsistent investor disclosuresRequired registrations skippedWhat Doesn't Actually Matter:(Despite What Your Uncle's CPA Says)Special AllocationsNormal promote structuresStandard waterfall provisionsTypical developer promotesReality: Unless extremely aggressive, IRS rarely caresTechnical DocumentationMinor §704(b) gapsCapital account glitchesTechnical allocation languageTruth: Unless hiding something biggerProperty Value AllocationsNormal basis step-upsTypical appreciation splitsStandard promote calculationsReal World Example:🏢 100-unit apartment complex4 partners, $5M dealDeveloper promote structure= Zero IRS interestSame Deal With Red Flags:🏢 100-unit apartment complexHidden partner arrangementsArtificial loss allocationsUnreported debt shifts= IRS AttentionPractical Protection Steps:Basic Documentation✅ Clean operating agreement✅ Economic substance✅ Partner contributions tracked(Don't need War & Peace complexity)Economic Reality✅ Allocations match economics✅ Real money movement✅ Actual partner participationClean Reporting✅ Consistent K-1s✅ Required forms filed✅ Clear communicationThe "Sleep Well" Test:Can you explain your structure to an IRS agent without sweating?

As a real estate agent based in New York, specifically on Long Island, I'm eager to hear from anyone who has experience with BRRRR properties in this area or has valuable tips to share.

Currently most investors Fannie/Freddie, FHA , VA, USDA and most portfolio notes allow up to 6% in RE agent commissions.