This said, there are good people too that understand the challenges of the process and help investors navigate these waters.

Navigating the zoning requirements, dealing with Maryland Historical Trust limitations on what can and can’t be done to the property, and the financial burden of renovating the property to meet these standards have left us trying to figure out the best strategy so the property doesn’t just sit unused.If we decide to sell, we anticipate pricing it at around $70-$80 per square foot, which is an incredible deal for a property of this nature.We’re reaching out to see if anyone here might know of potential buyers interested in this unique opportunity.

Given the complexity and potential tax-saving opportunities in real estate, it's wise to consider hiring a CPA with expertise in this field.Many clients who work with non-specialists find that their non-real estate preparers lack the specific knowledge to help them minimize taxes through strategies like depreciation, the de minimis safe harbor, partial asset dispositions, 1031 exchanges, navigating real estate professional status, the short-term rental loophole, and more.If you are looking to qualify as a real estate professional, use the short-term rental strategy, or complete a 1031 exchange, I would without a doubt recommend working with a real estate CPA.

These roles are crucial for navigating the investment process and ensuring your property is well-managed.

Trying to navigate the potential of investing out of state (plus the fact that I’ve not yet purchased investment property).  

Just a thought as you agents start to navigate the new rules.

To ensure I navigate these legal aspects correctly and make informed decisions, I’m looking for recommendations for a knowledgeable real estate lawyer or legal entity in the area.

If you want to avoid the lengthy process of securing permits and navigating ordinances, you can always opt for long-term rental for the first year.

Are you navigating a Sec. 1031 exchange or facing deferred tax gains and looking to understand how to optimize your deductions?

Hi @Travis Oneill I am a realtor in the area and would be happy to help you navigate the market.