Consult a CPA or real estate attorney to understand tax implications, build a reserve fund for unexpected costs, and research local regulations to ensure a smooth and profitable transition into rental property ownership.Good luck!

Combine these benefits with GI Bill-funded real estate education to expand your knowledge.This post does not create a CPA-Client relationship.

Firstly, it often generates higher rental income compared to long-term leases, particularly in desirable locations or during peak seasons.

., equipment) are excluded from 1031 treatment and are taxed separately—goodwill is typically taxed as a capital gain, while equipment may be subject to depreciation recapture taxed as ordinary income.To minimize taxes on the sale of the business, consider strategies such as Opportunity Zone investments, which defer gains until 2026 if proceeds are reinvested in a Qualified Opportunity Fund (QOF), or structuring the sale as an installment agreement to spread taxable income over multiple years.

Once the property is sold we will be able to pay off the HELOC and will also have further funds coming in the following year.

My plan is to set up a syndication fund with Canadian (and U.S) investors to purchase short-term rental properties in the Puerto Vallarta and Rivera Nayarit area (which is booming).

So I get your hesitation to be too demanding and your desire for the problems to go away as fast as they can, however since you have NO property manager ( I don't use one either), it is incumbent that you take a more ACTIVE approach with management of your property.Let's review your situation.  1st time leak occurred, you sent a plumber over to find the problem.  

Set aside a very substantial legal defense fund if you decide to do these. 

Answer in the MLS, “Yes.”Computers cannot accurately determine whether a property is located in a desirable or undesirable area for a particular tenant pool segment using photos or aerial maps.

I am 59 years old, and my retirement fund is all in my 401k.