Purchase price: $185,000 Cash invested: $5,000 Sale price: $220,000 Occupied by my in-laws.

But you have to purchase new investment property of at least as much as your net sale to avoid tax. 

However, the LLC is grandfathered in, and so they are saying we would be able to still operate this if we purchased and managed under the LLC.Obviously a lot going on here, and I am still relatively new to this world (would be first STR in Nash).

And we usually replaced windows/storm doors and HVAC systems within a year of purchasing older units, and this has helped as well.

Here’s the bottom line; unless the deal is VERY large, or the sponsor is going to syndicate a large number of deals, the investor will make more money purchasing the property theirselves with a option low to moderate interest rate loan.  

I have never purchased anything 'perfect' but all of my rentals could have been rented as they were upon purchasing them. 

To OP, it's not as scary as you think it is, this will be your first home purchase, you can purchase a multi family or SFR and house hack.

If you would like to generate your own leads, I would pop over to the the wholesale section of the forum and start there, and perhaps purchase some books from the BP store.

If you find you are unable to raise the money for an all-cash purchase, switching gears to Fannie will only work if you have a LONG time to close in your PSA or have many extension options (which usually require more hard earnest money.)

Hi Aaron, I know I wasn't the original poster, but we did end up doing new construction down there in the past year (also purchased cabins before deciding to build).