Quote from @Catherine Ding: My PM company is offering to do it for a high fee of $100/month so I'm trying to find alternative options.

If you sell it, you get $250k single / $500k married exemptions from capital gains.Speak with a tax professional about how much you'll save in taxes by doing this. 

If you signed a 3% buyers representation agreement and the seller is only paying 2.5% and nothing more then just ask that your agent amend the buyers representation to 2.5% so you are not on the hook for the last %I will say, some agents are VERY strict and won't budge from 3% fee which in my opinion is kind of ridiculous.If you are my client and the seller is only paying a 2.5 % fee I won't ask you for the additional 0.5%.

Here's the deal:Purchase Price (PP): $95kRenovation Budget (via HML): $60kTotal All-In Cost: $155kARV (After Repair Value): Around $200kRefinance (via DSCR Loan): 7% interest, 30-year fixedRefinance Details: After the refi, I will pay back the Hard Money Loan (HML) at 11.95% with 3 points:HML: $60,000Interest/fees: $3,585Other costs: $1,800Total to pay back HML: $65,385After the refi, I will have $84,615 left in cash.Cash Flow & Expenses:Expected Rent Income: $1,700/monthProperty Management (PM): $126/monthInsurance: $100/monthTaxes: $126/monthMortgage: $1,043.75/monthTotal Expenses: $1,395.75/monthSo my monthly cash flow is about:$1,700 - $1,395.75 = $304.25/month in cash flow.Return on Investment:Cash Invested After Refi: About $18,385 (after paying off HML and closing costs).Annual Cash Flow: $304.25 * 12 = $3,651Cash-on-Cash Return (CoC): $3,651 / $18,385 = 19.8%I didn’t account for maintenance costs since it’s a full gut rehab, and everything is brand new.

States Can Still Require Additional FilingsEven though 506(b) offerings are exempt from state registration, individual states can still require notice filings and fees.

Are you quoting net cash flow - after taxes, insurance, maintenance/repairs, property management if needed? 

I heard there's an $800 franchise fee yearly.Thank you. 

I'm looking for the cleanest & most visible way to access payment history, see amortization schedule, tax documents, etc- much like bank softwares provide. 

The promise of accelerated depreciation and immediate tax savings is attractive.

They would get that $500K tax free and the rest of the tax would be deferred in the 1031.A very elegant solution that puts $500K tax free in their hands now.