Depending on the price point, they may already be running targeted ads in cities/metros for buyers that may be looking for a second home/vacation home.

Look for distressed properties through online platforms or local agents.

Can't find any reviews online on that.

Pick a lane based on your strengths and long-term goals.

Purchase price: $715,000 Cash invested: $297,000 Current Price: $830,000 (originally $950,000 on 4/13/2024, reduced by $120,000 in 6 months).

Feel free to keep us updated on your findings here.

I’d greatly appreciate any insights or experiences you could share on this topic.Thank you again for your help! 

Use the 20K as a down payment on the next house hack and don't touch your current properties equity.

Stay disciplined and avoid rushing into deals without thorough due diligence.Resources for InvestorsIf you’re new to investing in distressed properties or looking to expand your portfolio, consider leveraging resources like:Local Realtors: Realtors specializing in distressed properties can assist in locating off-market deals and navigating complex transactions.Community Forums: Attend a local investor meetup or join online forums for the Phoenix market.Educational Tools: Search out webinars, workshops, or courses on investing in distressed properties.Final ThoughtsThe distressed property market in Phoenix is creating some excellent potential for the right investors willing to go the extra mile necessary to take on strategic risks associated with this category of real estate.

Based on your situation, you will likely need to recapture the depreciation when you convert the property from a rental (STR) to your primary residence in 2025.