And actually, if you structure things properly you shouldn't have to worry about the tax implications at all.

You might also want to look into supplemental insurance for future stays, like Proper Insurance or Safely, to cover situations where Airbnb’s support falls short.I'd be happy to help more.

If your exchange is not done properly or your funds are not safe you are going to kick yourself for trying to save $500. 

We network with other fix & flippers teaching them how to properly structure a seller financed note so that it has value on the secondary market, we then buy a partial from them to take out most, if not all, of their cost basis so they can recapitalize and go do another deal. 

With proper tenant screening and systems in place you can absolutely be a successful landlord.

In my 30 years doing this I’ve found that as long as you address each issue that comes up properly and do the repair needed to bring that part of the building up to current code then you will be fine.

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

I am orginally from Elgin, but living down in Logan Square area of Chicago proper!

(if this makes no sense to you, research the 80's)Yes, fundamentals apply like compounding returns, proper use of leverage, appreciating assets etc etc, but the specific's of the how-to's, the "plays" one runs, how you play the game, it's a different game than '19'. 

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.