One thing to consider since you are a California resident investing is the compliance requirements for LLCs incorporated in California or operating as a foreign entity here - the rules here are different than most states.  

Depends on the town’s rules, though, so check that first.Renovation Loophole: Some places let you raise rents or get out of rent control if you do big renovations.

They have also outsourced their TAX SERVICES and despite my constant request to expedite my tax filing so that we can apply for a CRITICAL BUSINESS LOAN TO EXPAND OUR BUSINESS, THEY SAT ON OUR TAX and BOOKEEPING files for 7 months.

Once they exercise seller financing, the property is sold and all 1031 rules apply. 1031 has specific timelines.

When you have studied your market properly you should be able to provide the answer of if single family or residential multifamily is better for cash flow. 1% rule was for a time when almost all deals were decent as a way to rule out the lessor deals and concentrate on the best deals.

Which is very complex and costly and likely warrants professional help.Now, if it's just you and your spouse, then your 2024 tax preparation is likely relatively straightforward:- you will create a Schedule C on your personal tax return- you will NOT report any costs of purchasing the property or its rehab, not in 2024- you will report your business overhead expenses such as marketing, driving, technology etc- you will end up with a business schedule showing zero income and some expenses - not breaking the rules but potentially raising an audit flagCan you do it yourself?

After several hearings, we reached an agreement: both parties agreed that if the tenants applied for government assistance to cover the overdue rent and committed to paying rent on time going forward, the eviction process would end.

The principles of diversification apply to both!

As investors we want to maximize revenue but to your point that still requires applying common sense and basic ethical principles.

The rule of thumb is, if you can't handle the potential call from the lender, don't do the deal.