It’s a good idea to work with a qualified intermediary and a tax advisor to ensure everything is structured properly and you’re clear on any tax implications.

Take ownership of your mistake and learn to do the proper due diligence recommended above😊

Properly maintains/doesn't damage the property.3.

Expensive markets are often desirable because many people want to live there, driving up demand and prices.Reno, NV, for instance, is a market that benefits from diversified employment sectors, including tech manufacturing, hospitality, and recreation.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

For property management, I am personally a fan of managing your first property (with proper education or mentorship before beginning) since this is where you will learn first hand what is required in managing a tenant.

Co-Living, when done properly, should be less work per lease than LTR. 

If they're delinquent after only 2 months, they're either facing sudden life changes or you did not properly screen them to begin with.

At that class of property, the delinquencies are not low and have to be properly accounted for.The reason I asked how long you have owned is that it takes a while to recognize the sustained expenses.Obvious is to get rid of the poor tenant. 

Overall, for every type of property....I would say that keeping up with proper maintenance is what most people neglect.