While hard/soft money lending is outside my area of expertise, I'd like to discuss a potential levered IRR scenario.Consider a $2.1 million property acquisition (10 cap) using a 1031 exchange with a $715,000 down payment.

I'd like to do at least four flips in 2025.I've had my Real Estate license for almost 20 years, but have never practiced other than family/friend sales and purchases.The missing piece for me is finding the off-market deals.

I'd be happy to connect if you are interested in exploring the Kansas City market =)

I'd talk to a tax professional in Canada. 

The issue is, if your project isn’t structured to be sold as a package, then those comps don’t make sense.Here’s how I’d push back:1️⃣ Clarify the legal structure – Since each unit has its own legal description and will be sold separately, they need to treat this like two single-family townhomes instead of a duplex.

@Michael Nelson - I'd recommend you speak with @Devin Peterson

The majority will most likely want an equity position in the deal, and since wouldn't have an active role I'd be getting into a syndication rather than just a JV.

I see some listings trying to do that, but they're pretty recently listed so it's unclear at how successful they'll be.All that said, I'd run your numbers at $1,200/mo and if that works for you and your goals, great.

I’d ask my boss, “Why are we doing it this way?

Post here or DM me and I'd love to connect.