- If so, 1031 into something bigger and easier to manage and then when you pass, the inheritor receives your property(s) at a stepped up basis - subject to Inheritance Tax limits.Otherwise, sell one every 1-5 years when you need the cash, so you can plan expenses to offset capital gains.

When they gained 5 pounds during the day but lost it overnight, they will be the first to tell you"I lost 5 pounds since yesterday...."

Address Your Financial ProfileBridge the Revenue Gap: Highlight your equity in the duplex and use your sale proceeds to demonstrate “skin in the game.”Partner to Compensate Experience: A financially strong and experienced partner can help offset your limited track record.Focus on the Land Deal: Secure the land at a good price, as it’s a crucial step in gaining credibility and attracting partners.Final ThoughtsYou’re entering an exciting and impactful space in real estate development.

You get a deduction for the contribution, the gains grow tax-free and as long as you use the proceeds for health-related expenses the funds come out tax free as well. 

I would recommend an STR for the best tax benefits and cash flow no doubt.

My main question is whether it makes more sense to go the seller financing route and pay off the principal in 8–10 years or stick with a standard 30-year loan.My thinking is that the tax deductions from a mortgage wouldn’t outweigh the potential equity I could gain over those 8–10 years.

Having a trusted advisor (PM) to take care of all of the little things that go in to managing a property is a huge benefit that can save you time and money. 

I hope to maximize all the benefits of the program and have several questions.

Understanding the tax benefits of pre-tax contributions, cost recovery, real estate professional status, legacy goals, etc are all part of the equation and should be considered. 

It takes time and patience, success and sometimes failure, to gain 'experience' at anything you choose to do.