A good designer and architect are key for a successful project like this and keep in mind these aren't cheap.There's a lot more details to consider, feel free to DM me for more details.

Feel free to reach out for any specific questions!

I am still trying to figure out my buy box, but long term rentals feels like the right strategy for us.   

Practice analyzing deals, explore surrounding markets if NYC feels too competitive, and stay persistent, closing your first deal takes time but is well worth the effort.Good luck!

That said, Detroit is very much a block-by-block city, so local knowledge is critical to avoid issues.If you’re serious about learning more, feel free to send me a DM.

@Edward Toomey V I feel like this is a frustration for us all in the property management game.

Additionally, it feels the most appropriate approach for both profiles I described above and allows me to focus on learning one strategy.

A 1031 exchange allows you to defer not only the capital gains tax but also the depreciation recapture tax, which can be at a higher rate.If you have any further questions or need assistance with your 1031 exchange, feel free to reach out!

How do you think the 2 relatives will feel about having their rent raised or being required to pay rent period?

-Cons: Feels less "Airbnb-y" and personalized to book from a brand instead of from a person.