Currently have a small inherited condo in Southeast Florida. It's a 900sq ft 2/2 unit with 1 parking spot that is approximately 40 yrs. old, ina  100 unit building. No update of common area finishes although clean and...

I'm seeking advice on a challenging situation with one of my rental properties, a condominium that was damaged in a fire incident.

If so we call that a condominium development.If you are the owner, you make the decisions.

General BackgroundNewbie investorNo credit available (poor credit and repo due to major health issue).Multiple tax years of returns due (nominal to no income)Unplanned ownership from inheritance and Florida Condo Collapse.Need to do a 1031 exchange and avoid capital gains while trying to invest in my own residential property.ScenarioI have a paid off condominium property located in Florida.

The term includes cooperative apartments, condominiums, and the like." 

pid=2096Houston Real Estate Highlights in June, 2024:-Single-family home sales declined 11.6 percent year-over-year;-Days on Market (DOM) for single-family homes went from 45 to 46 days;-Total property sales were down 13.6 percent with 9,133 units sold;-Total dollar volume declined 12.2 percent to $3.8 billion;-The single-family median price was statistically flat at $345,500;-The single-family average price was statistically flat at $432,090; -Single-family home months of inventory registered a 4.3-months supply, up from 3.0 months last June;-Townhome/condominium sales continued to decline, falling 19.9 percent, with the median price up 12.1 percent to $241,000 and the average price up 7.8 percent to $271,356.

Because I got such a great location, condominium, amenities, and a unique floor plan, I am able to rent it out and cash flow from it.

You usually do not have full rent control protection if you live in a single family home (a single family home with an illegal in-law unit counts as a 2-unit building) or a condominium and you (and your roommates) moved in on or after January 1, 1996."

The term includes cooperative apartments, condominiums, and the like."

Legal and Regulatory Steps:Establish an Association: You'll need to create a condominium association and draft the necessary declaration and bylaws (condo docs).City Approval: Obtain the necessary approvals from the local government or zoning board.