Sometimes you need to know when you can hold em and when its time to fold em and move on.

==========================My relative is asking if this is a viable way to legally avoid having to pay taxes:STEP 1: SELL PRIMARY RESIDENCE (House A)-Sell primary residence to son-in-law for cost basis + $500K-File gift tax form for difference between sale price & market value-Not pay capital gains on $500K due to personal exemption.STEP 2: SELL RENTAL PROPERTIES-Do 1031 exchange and buy House A back from son-in-law-Rent out House A for 1 year before move back in==========================Thoughts?

After we meet, if he doesn't provide documentation then I'll move on.

It’s exciting to hear about your plans to dive into this field, and Chicago is a fantastic market to explore once you move there.It sounds like you’re on the right track with your interest in House Hacking, Mid-Term Rentals, Short-Term Rentals, and the BRRRR strategy.

@Damini Dutta did you end up moving forward?

Generally, most reputable lenders in this space won't have any significant surprises with terms and fees because they spell them out upfront in the applications that they provide before you move forward with the loan underwriting.5. 

Before moving forward, negotiate better terms with the hard money lender you initially spoke with and ensure the seller is fully on board with second position financing.

My wife and I have one rental unit and are trying to move toward our next property, but still are trying to learn more and find additional ways to make some side income to speed the process.

Possibly staying in a place for a year, possibly in a smaller unit and moving on and renting it out.

I had one w him a couple of weeks ago. very slow so far but he confirms they will move forward asap. greetings!