If this is your first property, you could consider starting with a smaller apartment building and going after the opportunity first, and the property as a secondary consideration.

It is a considerably good price considering the area, I'm just not sure on whether the rental income is worth paying for.Apart from about $10,000 it is fully rennovated and ready to be rented out within 2-3 months.Thanks for any advice!

Thank you for your time and consideration. 

This approach balances tax efficiency, financing goals, and family considerations effectively.This post does not create a CPA-Client relationship.

I will take this into consideration and if possible I'll visit whenever I can.Also, thanks for the connection with Elenis, I will reach out and maybe we will work together.Do you have properties in the area?

Let's say there's 3 properties in a 1-mile radius with 5b/3b, but one is a foreclosure and the other 2 are regular conventional sales.If you're doing a comp for your subject (4th) property, do you have to take the foreclosure one into consideration?

Considerations.1.  

If someone is willing to live in and renovate the 2 of last 5 year capital gains exclusion is a significant consideration.

Are there any additional considerations?

It would be ideal to chat with investors operating in the Midwest, but I welcome anyone's perspective on BRRRing from a considerable distance (plane flight away).Thanks!