The property is generating rental income after completing cosmetic repairs, providing steady cash flow while plans for more extensive renovations and an ADU are in progress.

For transactions like this, the Real Estate Excise Tax (REET) in Washington typically depends on the property’s value and may be progressive.

Additionally, I have a broader vision for developing the land behind the property, which is currently in progress, creating additional opportunities for long-term rental income and growth.

Airbnb increased the popularity of STRs, but did not introduce STRs (VRBO started in 1995).  

I exchanged information with them and would stop by their projects for the next month to see their progress.

When you're looking for properties to renovate but not not local to check on progress of the project, it's important that you find or get connected with a general contractor that is credible and has references that you can see.

Investing in multifamily properties in Philadelphia is popular due to the city's steady population growth, job opportunities, relatively affordable property values, and solid rental demandPhiladelphia’s multifamily market offers a range of opportunities, from high-end neighborhoods to up-and-coming areas with great cash flow potential.

From there, there still may be operational issues such as the  property being too seasonal and having a bad weather season or the market simply losing popularity.

Multiple residential rental projects have recently completed on the street with others either in progress or about to break ground.

The condo’s potential for consistent income on platforms like Airbnb, coupled with the area's growing popularity, made it a strategic addition to my investment portfolio.