Hi community, I'm in the process of acquiring my first STR property in Joshua Tree and have met with a co-host that I really liked.

Quote from @Stuart Udis: The Philadelphia Housing Authority (PHA) recently acquired a 360 unit 12 story multi-family building for $24M and  a local news outlet  reported on the building.  

You left out information that maybe relevant such as taxes/insurance per year, maintenance cost anticipated per year... plus other expenses depending on rental such as management fee(if you aren't manager), advertising cost to acquire renters, etc....

If you find some good deals you could use debt to acquire more doors to get you to your cash flow number faster (your option 2).

@Michael Izbotsky In community property states like California, assets acquired during marriage are typically owned equally by both spouses, which may complicate transferring jointly owned property into your sole-member LLC.

Here are some key considerations:The Tenant Stability MSO Growth: The MSO is expanding westward and has acquired multiple businesses, which suggests growth.

If you move into a property acquired through a 1031 exchange and make it your primary residence, you may qualify for the capital gains exclusion under Section 121 (up to $250K single/$500K married) if you live in the property for at least two of the last five years before selling.However, gains attributable to the time it was a rental property remain taxable (non-qualified use), and depreciation claimed during the rental period must be recaptured at a 25% tax rate.

Purchase price: $8,500,000 Cash invested: $3,450,000 This property was acquired from a motivated seller at a 20%+ discount to market value.

Purchase price: $8,500,000 Cash invested: $3,450,000 Off-Market Acquisition Overview This property was acquired from a motivated seller at a 20%+ discount to market value.

In addition to using your own funds, have you looked into securing grants to "stack" the capital you have to still acquire properties?