By househacking a multifamily, you'll gain the same acquisition experience as you would purchasing a condo/co-op.

I talked to a Lady in Nashville and walked her through the process and she was able to do this and made some pretty spectacular gains on recreating old parcels.

Contrary to what everyone seems to be saying these days, a good agent is worth their weight in gold.

Ensure the property appraises at its updated post-renovation value to maximize the equity you can pull out.A refinance isn’t a taxable event, but transferring ownership to your LLC may affect depreciation or future capital gains.

Plus for its high cash flow potential, utilizing a 1031 exchange to reinvest gains effectively made this experiment a relatively low risk for me.

There is a lot of weight on marketing, and a lot of inputs to that cycle.

The accountant said that NJ allows one to “adjust” the basis in the property to the extent no benefit was obtained from depreciation...you do not get to take losses from real estate to offset gains on sales of property in NJ.

Starting small through house hacking, long-term rentals, or flipping helped me gain experience without taking on too much risk.

The losses just pass into future years that will eventually offset future gains.

Focus on cash flow and exit strategies, and consider starting with a smaller project to gain experience and minimize risk.Good luck!