I'm a fairly new investor and was looking for some advice on what my next move should be if I want to build up a portfolio of STR's.

My approach is conservative and focused on finding properties that meet specific criteria to ensure solid returns.If you’re interested in multifamily investing and would like to explore potential partnership opportunities, feel free to reach out!

.- Inspections: Some programs require annual property inspections to ensure compliance with their standards, which can occasionally be demanding.- Damage Risk: As with any tenant, there’s potential for property damage.

Is this a fair price for snow removal?

If you plan to invest in a syndication as a limited partner (LP), ensure the structure allows for direct ownership in real estate (e.g., through a Tenant-in-Common (TIC) agreement), as partnership interests are specifically excluded from 1031 exchanges under IRC 1031(a)(2)(D).

I appreciate the reminder as well that if the gain is fairly low then it may make more sense to just pay the capital gains taxes now versus 1031 exchange. 

My only goal is to have all the details clearly spelled out so we can adjust price and deadlines in a fair manner as things come up. 

Again, this is a factual action that will ensure that you remain in control of your property and that the other tenant has the peaceful use of the property that is a legal right.Fun, huh? 

Another note on construction cost, going vertical is very expensive now and would require have a great connect with a developer and a builder in the area.See what rents are in the area and run the numbers to ensure the rents will cover your costs and give you a solid return—using the 1% rule can help.

The key is to ensure the HELOC doesn’t turn into a long-term financial burden if the partnership doesn’t pan out.