While many people do this and get away with it, you  need to realize ther are costs and risks for doing this.

My husband and I are looking to buy our first ever real estate investment out of state (we live and rent in NYC. we do not want to buy here due to high cost of properties and high tax rates).

Consider the additional costs for cleaning and maintenance with Airbnb.

Education expenses can be considered a write-off so potentially (ask your accountant) the Pro Membership cost could be considered a write-off.

I'm not sure what you need exactly, but know many bridge lenders and what is and is not financeable if you'd like to set up a call.

Flipping is 10x the time that wholesaling is, in or out of state, and if you don't pay attention you will lose and lose on contractors.A first flip will take you 2-3x longer than you think, cost 2-3x more than you think, and one contractor will walk with your money at least.What you are trying to do is to create a side hustle in real estate, but you are biting off things that you don't have time for.

All of my current rentals cost about the same to purchase ($215-265K), but cash flow is so different and current house prices are as well ($325-600K)...and the one I spent the most for and cash flows the most, is now the one worth the least (still worth more than I paid for it 3 years ago).

Detroit is a strong market for investors overall, due to its affordable entry cost vs rents, growing demand and positive news.PM us for more info if interested.

And that by itself could blow up your exchange.The cost for a QI like us to do your 1031 exchange is very small - especially considering al of the other issues you have going with this sale.The QI does have to be in place prior to the sale of the old property.  1.

PMs will of course come at cost but a good one is totally worth it.Let me know if I can help, good luck!