Hello all! Was wondering if I could turn one of my spaces into an assisted living multi-tenant facility as it’s in a great area for it and can be changed with a reasonable rehab. I’m not sure all of the regulations/ru...

I'd love to connect and definitely gain some perspective from you!

From a tax perspective, I am assuming you would like recognize $0 of the gain on your property in this potential 1031 exchange. 

I have a great one in Kansas City for over 15 years that I've used multiple times (only auto loans however), but hoping to branch out locally as I begin my investor journey in Arizona. 

However, i would like a person with multiple rentals to help guide me to avoid some simple mistakes.

@Nate MarroquinYou're in a great position to house hack before your income increases, and you have multiple financing options to make it work.

Splitting the gift across multiple years may reduce immediate tax reporting but requires appraisals, legal documentation and proper structuring.If the house is highly appreciated, holding it for inheritance may be more tax-efficient because the recipient would receive a stepped-up basis to the FMV at the time of your passing, eliminating much of the capital gains tax liability.This post does not create a CPA-Client relationship.

What’s your perspective?

You also will need to have multiple lender relationships as you grow. 

Not just the $730k example, but the multiple comments of loss after loss.