Play dumb, ask questions, and try to gain as much info as possible before choosing a contractor. 

We also expanding into additional markets as we determine the co-living demand in a market to be close to saturated.

Additionally I would suggest having the long term financing relationship built so that they can easily transition the deal after renovation. 

If you paid under $230k, you’d save $30k in federal capital gains taxes and maybe another $15k or more in state income taxes.

I wonder if an inspector's license might be another good addition to our repository.

However, purchasing the replacement property from an estate where your mother-in-law is the executor and other heirs are your wife's aunts and cousins raises potential related-party concerns under Section 1031(f).The IRS generally prohibits 1031 exchanges between related parties unless both the buyer and seller hold their respective properties for at least two years after the exchange.To stay compliant and avoid disqualification, ensure:The estate sells the property directly before any distributions to heirs.You hold the replacement property for at least two years.The transaction is conducted at fair market value with no prearranged agreements.Given the IRS scrutiny of related-party 1031 exchanges, consult a qualified CPA or 1031 exchange accommodator to structure the deal properly and avoid potential capital gains tax liabilities.This post does not create a CPA-Client relationship.

In addition to checking into a conventional loan you can look into creative financing.

In addition to that, building your network is key.

Man, just in 3 years if you have the tenant leave every time, even without the negative cashflow, that alone can cost you an additional 20 or 30k.

But thats part of the being OOS and as I gain more experience and I better team I can minimize that.