I had a client who kept waiting for a better rate, only to see it jump 0.5% overnight costing him thousands.

.- Expected renovation costs $1MM.

If you do find that the costs to maintain the investment property are too substantial and you'd rather sell down the road, it would qualify for a 1031 exchange since the property was held for investment use.

If you paid $950k and only get $1M after selling costs, don’t bother with the 1031.

I don’t have any horror stories but every time I go to run a check the cost has gone up.

House hacking with an FHA loan is a great way to minimize living costs while building equity, or you could invest in an out-of-state rental for steady cash flow.

Once you go with a minimum 6 month lease your turnover costs, potential damage, make ready costs, repainting and repair costs, all go down dramatically.  

If you no longer have business operations in the old state, forming a new LLC in the new state and dissolving the old one may simplify compliance and tax obligations.Some states impose franchise taxes and annual fees that could make one option more cost-effective than the other.

Do to the state mandates that require 100% reserves in all categories, combined with the rising cost of their neighborhood insurance policy, my strong recommendation is you find out what further anticipated spikes in association dues & if any possible special assessments are looming.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.