We are firmly in a seller’s market.The rental inventory had a similarly rapid decline in Q1 and has remained below one month in Q2.The stubbornly low inventory for both sales and rentals can only mean one thing—rising prices and rents.Interest Rates in 2024The interest rate dipped by about 0.5% starting in mid-December 2023 and January, which triggered an unseasonal price rise for both months (See Q1 2024 Las Vegas Market Update).

Probably best to steer clear.A syndication would likely trigger UDFI (unrelated debt-financed income) at some point in the hold period, unless they are purchasing the asset without a loan (highly unlikely).

I am excited to get started and hopefully gain confidence to pull the trigger on an investment property. 

@Schaan Donaldson this would be a prohibited transaction and could cause the entire IRS to become a distribution triggering penalties and taxes.  

It had a high # of days on market and a recent price reduction that triggered us to take a deeper look.

Howdy BiggerPockets Fam, I feel like I'm in a good place  to finally pull the trigger and invest in my first multi-family property.

I'm struggling overcoming the anxiety of pulling the trigger for a number of reasons, but I'm trying to build up the capital to eventually purchase an LTR portfolio.

Thanks, Nick,did you ever pull the trigger on building in BR?

Depends on how extensive the remodel work is, a cosmetic flip paint, trim, cabinets, vanities don't trigger permits here in WA state. 

Keep doing the research from now until you buy and keep saving up that money to be ready to pull that trigger.