What a great start to your investment journey @Abby Blumenfeld! 

I am looking at a 5 unit building that I want to do a condo conversion on. 4 units would be vacant 1 has a rent controlled tenant in there who does not want to move.

Also that will give me a lower payment which will allow me to have bigger profit from rent.

If anybody has anything else to share please do so, I have plenty to learn!

Most people didn't want to touch it.

Does it need to be completed before end of the year to use it when I do taxes in April 2025? 

Just make sure to read the management agreement carefully, the monthly % isn't the only cost to consider!

Bifurcating the asset and operation, putting the wealth behind an "iron curtain" and arranging the public facing side of things in a manner where it is a conveyor belt of throw-away entities with little to no value stored themself, IS a viable approach. 

Most of us will go even higher...say 85%...but you have to get the property to cash flow at that level.

Is anyone still using free classified sites to market for Motivated Sellers?