However, government officials, pandering to populist sentiment, hold landlords to standards and responsibilities far more restrictive than any other business.  

But, if a cost-seg study is done on the old property, you can manage Sec. 1245 recapture tax by doing a study on the new property to confirm it has as much or more Sec. 1245 property.You cannot swap a fully depreciated gas station for a raw piece of land and avoid recapture - you must replace all the 1245 and 1250 property.3) OZ - Sure you can defer your capital gains for a few years into an OZ fund, but the magic of OZ investments is the ability to achieve tax-exempt growth after a 10-year holding period.

With fix and flips, the goal is for a short term hold so the interest only payments generally makes more sense.  

BP, I own a 33.33% membership interest in an LLC that holds a two-family property, alongside two partners with equal stakes.

LTR:The STR loophole can be a huge tax advantage because you can use depreciation and other expenses to offset your regular income, which is a big win.

If this is a longer term hold and you don't need the extra $500 per month and you'd be fine with a $200 per month increase, go for that.

We regularly update it.

My biggest advice is to start investing where you have a good network of people you know like and trust...this especially holds true if you will be investing out of state.While it's not impossible to go straight to the commerical I personally found it easier to start in the residential world and then make my way over to commerical multi-family. 

@Greg Hammond If you decide the property is no longer worth holding on to and you decide to sell, in addition to the capital gains you want to consider depreciation recapture as well as any closing costs and commissions.

Given that you're already in it for 6 months and close to getting it rent-ready, it might be worth holding onto it and renting both units out, which could help offset your mortgage costs.