I am interested in an area in southern Illinois, it has a few multi family properties that come with tenants, but they have been listed for a while.

I purchase my 1st multi family in Durham last sept, I was debating between str and long term, I went with str and I am loving it so far. my dec occupancy is Unit one 2b1b: 82%unit 2 studio: 79% So far so good and already thinking of getting another one in 2025 🤤 These are great numbers for this time of year!

If they fail to pay, then you can choose to try eviction or just hold the charges until the end of their lease and collect it from their deposit.

Using the search function gave me this, hope it helps https://www.biggerpockets.com/forums/62/topics/1211224-nyc-c...

The calculation involves:Selling Price: $1,075,000Original Purchase Price: $355,000Depreciation Recapture: $105,300 (taxed at 25%)Capital Gains: Sale price minus original cost, minus depreciation, minus selling costs (~15-20% federal capital gains rate for their income bracket).State Taxes: Since the property is in California, state capital gains taxes will also apply.Given the multiple layers, I’d highly recommend your parents work with both a CPA experienced in real estate and a qualified intermediary for the 1031 if they choose that route.If you need recommendations for professionals in Illinois or California, feel free to ask!

A year ago I recently purchased my first multi family to house hack and I rant into a issue when the seller paid for a electrical upgrade to the home.

From choosing a property management company to landscaping companies.  

That shouldn't necessarily be a differentiator when choosing a lender, as evidenced by the boom of the DSCR lending industry....non of which are FDIC insured.

Miami is still doing well, Fort Myers is adjusting and has lower real estate than 12 months ago, etc..)My simple thought, for what it is worth, is choose a place to live and not invest in:  choose the location you and your family WANT to live in ( because of the schools, taxes, weather, other family there, etc...) and then buy and do real estate there (and get whatever licenses you need once you start third party management).I wish you well!

For LTRs, prioritize markets with population growth and strong job markets.Wherever you choose, work with an investor-friendly agent who knows the local market and can help you analyze deals.