Sounds like he needs a bridge cash out loan. 

Welcome to BP - sounds like you are on a great path!

Sounds like you are off to a reat start.

This may sound like a lot of work but again, use software to automateFinal ThoughtsThe STR/MTR space is getting crowded.

I haven't heard of the "Binder" technique before, but it sounds like a great idea.As for increasing the Studio ADR, we are considering offering guests a half a dozen fresh eggs for breakfast since we have chickens. 

Regular vacation properties and second homes can struggle to qualify for a 1031 exchange, but this property in La sounds like it might live in a gray area.Your first step is to make sure that this property is a good candidate for an exchange.

But sounds like your looking for a turnkey property relatively soon.

It's extra work, with no benefit to you...and possible issues going forward with more expense to replace and a movement away from anything gas, particularly in blue states. 

So everything your saying sounds right..Heres what concerns me: When we were trying to work out the split-he actually wasnt willing to do 65%-35%.

After looking into their website it sounds like a great option for true passive real estate investing.Here are some key take away from their brochure...- No lockup period- Monthly distributions with no fees- 14 years in the business- Over 2,000 loans originated- Stringent lending process with solid approval guidelines- Promises an 8% hands free return- Combines private cash and IRA investors into a pool for loans- Funds are used by real estate investors to buy and rehab distressed properties which are insured and liens have appropriate title insuranceThey have 300+ inventors, closed 2,000+ loans, $550m+, and 0 loser since 2008 when they opened.