It's crucial to consult with professionals experienced in 1031 exchanges and partnership dissolutions to ensure compliance and optimize tax deferral.Given the complexities, seeking personalized advice from a tax advisor or attorney is highly recommended.

We make people take photos of themselves holding their ID and then I also meet them in person for the showing - at least for my units on the NW side of Chicago.I've never heard of these testers, but I am not surprised. 

What RichDad does not tell you is that it takes a driven personality to build a portfolio and if you have that type of personality you will not enjoy a retired state.

There are any number of Real Estate schools available to you, so choose the one that compliments your learning style, whether that be online or in person or a hybrid. 

Do you think it's common for a tenant to sue for an amount greater than insurance can cover, then take your property or even your personal assets? 

It is also worth noting that property management is often closer to 30% of gross rent for a short-term rental due to the much more intensive hands-on management compared to a typical 10% for long-term and as such, I agree with recommendations above that medium term rentals may provide the best of both worlds if you are able to tailor proximity to a local need, e.g. hospitals and travel nurses.Again, happy to relay my personal experiences in the area if you're interested.Best of luck,Patrick

Some of the heavy hitters here in Chicago discussed the ADU program with a very nice person from the building department.

.• I purchased a small 1B/1Ba condominium in a high rise building in 2004 for personal use.• In 2010, I moved out and decided to put in in service as a rental unit.• I was able to keep it well occupied and leased throughout 2024.• I sold the condo unit in late 2024 for a nominal profit.That brings us to today. 

but i also 2nd @Jay Hurst's sentiments - get a 2nd or even 3rd opinion on DTI/ full doc. i personally love files that are puzzles, i get some weird satisfaction out of figuring out how to make it work on full-doc, especially when my client has been told "no" before. if it doesn't work now, a good loan professional will help you create a path forward.

We recently relocated to Phoenix last summer and I'm starting to look for recommendations for local credit unions here in Phoenix which are trustworthy, low rates, personal touch, easy/simple to work with, etc.