It comes down to the most effective use of a marketing budget.

The president has zero impact on underwriting guidelines and  zero direct control of interest rates. in fact the fed has no direct control of long term rates that effect mortgage rates.

The narrative that these are cash flowing properties is aggressively pushed by everyone who benefits from these transactions...turn key operators....brokers....pm's but its incredibly difficult for the non hands on buyers to operate these homes for a sustainable period of time.

In your case, changing the property from a rental to your primary residence constitutes a change in use.The depreciation recapture will be calculated based on the fair market value of the building at the time of conversion, not including the land value.Since you're tearing down the existing structure, the entire amount of depreciation taken over the past two years will likely be recaptured, as the building's value at conversion will effectively be zero.The recaptured amount will be taxed as ordinary income, up to a maximum rate of 25% for residential rental property (Section 1250 property).

It sounds like you have an incredible future ahead.

We also signed a “Notice to Terminate” which states "The property management agreement shall terminate effective May 14,2024.

For those curious about the numbers:Purchase Price: $95,000Renovation Costs: ~$4,000ARV: ~$140,000Expected Rent: ~$1,500Thank you again for being an incredible resource.

Does anyone know when this went into effect?

This approach could be the fastest and most cost-effective way to regain possession of the property and prepare it for new tenants.4oShe put in the post that it's located in Edmonton, Alberta, Canada.

Their algo isn't sophisticated enough, yet, to accommodate natural disasters and inventory shortages so it's most likely responding to the incredible demand (and unaware of the legal implications).