The strategy may change, but every market can work.

By all measures this strategy is far superior to what all the BRRR/DSCR/Poor Dad Rich Dad folk do.

From there I would ask about their strategy and potentially their hardest lesson learned. 

A CPA can ensure proper filing of rental income on Schedule E and help identify tax-saving strategies, such as optimizing deductions for maintenance, repairs, and travel.

Hi Robert, your situation sounds exactly like another gentleman I am working with right now and helping with his 1031 strategy and execution.

Just keep in mind the process can take a little longer since you’d need to work with contractors and follow FHA’s requirements.4.Your End Game: Whether you’re planning to stay long-term, rent it out, or sell once the work is done, it’s important to have your exit strategy mapped out.

What strategies were you considering? 

Considerations for Long-Term Tax Strategy: If your long-term STR status is uncertain, weigh the benefits of bonus depreciation against the potential downsides of depreciation recapture and passive loss limitations.

If you need help with landlord laws, house backing strategies, or traditional MTR investing specific to New Jersey happy to help.

One strategy is to pursue properties (in your preferred markets) that have been listed for sale for over 90 days (even longer is better).