It is occurs at the closing table then the options used are much different than what occurs during rehab.

You may want to consider working with your accountant remotely to expand your options.

It was a typical low-middle income midwestern town.

I've used Zillow and then click on the "Multifamily" selection and then can refine based on square footage or number of bedrooms typically.

I believe there is a STR real estate regular meetup in the Cape Cod are, but I'll need to ask about where and when it typical is. 

Here’s a simplified breakdown:Lease Agreement: Since your buddy signed a 12-month lease in July '24, he is legally protected until the end of the lease term unless the lease has specific clauses allowing early termination under certain conditions.No New Lease Signed: Since no new lease was signed for the new home and no formal agreement was made, the original lease terms for the townhouse still apply.Landlord’s Request: If the landlord wants to break the lease or has changed their mind about the swap, they would typically need a valid reason, like a breach of lease terms, or might need to negotiate an agreement with your buddy (buy out)Legal Advice: Your buddy might consider consulting a local attorney or legal aid service for advice on his specific situation.

A few photos of the design options:

Can Only a PART of paid OPTION Consideration Funds be NON Taxable ?

Chicago is likely going to cost more.I give a +1 for the mini split option.

What is typical?