As I expected this is a very different market than where I live (in NY).

Since you and your wife lived in the condo until September 2021, you can sell it and potentially exclude up to $500,000 in capital gains (as a couple) if sold before September 2024.

If your startup costs are over $55,000, you lose the immediate deduction, and the entire amount would have to be amortized over 180 months (15 years).Here’s an example to clarify:•If you spend $7,000 on startup costs (such as attending BPCon, legal fees, and market research), you can deduct $5,000 in the first year and amortize the remaining $2,000 over 15 years, starting when your business is officially active.

- How do you assess the market and identify red flags?

You brought up some really key points, especially regarding location and the importance of making properties stand out in a competitive market—whether it’s for short-term, mid-term, or long-term rentals.I completely agree that proximity to Waco's major attractions like the university is essential.

I've been here since 2007 (but only started investing in SFH recently) and have definitely noticed that when I see a duplex, tri, quad, 8+ they all seem to be in rougher neighborhoods...that being said, I myself definitely want to find some and may end up relying on off-market deals to find what I want.Let me know if you learn anything new about multifamily here in Memphis, I'd love to understand it more as well!

I want to be able to pull money as needed for other projects and put it back without having to undergo underwriting every time I need capital like I would with HM.

This will help you learn the local market and quickly identify a potential deal once it arises.All the best!

Maybe you always felt a fence would increase your market rents.Trick with this is you want to only do things that truly permanently improve the property value.

So maybe just publicize it on FB market place