Read "Long-Distance Real Estate Investing" by David Greene, then spend some time reading through the forums.

Timing and location critical Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Would have done better if not slowed down by COVID in 2020 Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

If they just represent first time single family home buyers and aren’t constantly finding off market properties and reviewing deals, you’ll find a better investment through someone else. https://www.kiavi.com/blog/out-of-state-real-estate-investin...https://learn.roofstock.com/blog/out-of-state-real-estate-in...

What application screening service is reliable? 

Hello Everybody,I am currently a real estate agent in Boston, MA.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

The calculation involves:Selling Price: $1,075,000Original Purchase Price: $355,000Depreciation Recapture: $105,300 (taxed at 25%)Capital Gains: Sale price minus original cost, minus depreciation, minus selling costs (~15-20% federal capital gains rate for their income bracket).State Taxes: Since the property is in California, state capital gains taxes will also apply.Given the multiple layers, I’d highly recommend your parents work with both a CPA experienced in real estate and a qualified intermediary for the 1031 if they choose that route.If you need recommendations for professionals in Illinois or California, feel free to ask!

This would be my first real estate investment, making the decision even more critical.I understand that backing out would mean losing the $2,000 earnest deposit.

It is also helpful because we are Realtors and real estate investors and it provides a cushion for months that are leaner than others.