Estimated costs range from $500–$1,000 annually, depending on the complexity of their LLC and rental activity.For Partner 2 ($148K joint income, W-2, 1099 income, 1 rental, 2 kids), a CPA is strongly recommended.

On top of that, depending on the severity of the structural issues, you will also likely run into problems getting insurance on the property or wind up needing to purchase very expensive insurance. 

Hey @Logan Barwick, I personally like option 1, but this depends on what your strategy is to grow your real estate portfolio.

Success still depends on your effort, discipline, and ability to execute.

depending on how backed up the county is it can e take a few months for court date. in essex county it took my mother in law about 8 months or so for the full process. she had an attorney, not sure if that sped anything up

Cash flow is crucial, especially if you depend on it for your monthly income.Selling the property for $170k, which is above its market value of $120k, might seem like a good deal initially.

An FHA 203(k) loan is definitely one route, but there are other ways to make it happen that might even work better depending on your situation:1.Private or Hard Money Loans: These could be a good option if you want flexibility.

8%-11% is pretty standard here and as someone mentioned it really just depends on how the company is run.

Selling for $380k means an $80k taxable gain at long-term capital gains rates (0%, 15%, or 20%, depending on income).The $80k HELOC used for personal debts doesn’t affect your taxes.A 1031 exchange could defer taxes, but you’d need to reinvest in another investment property, not a home for your mom.

If you building 2 , again depending on your lot size and projected finishes.