So my situation is rental loss for last 3 months of 2023 and first three months of 2024.

I understand that there are multiple paths I could take, such as rentals, flips, or wholesaling, and I'm trying to figure out which path aligns best with my goals and current situation.Here's my question for all seasoned investors: What would be your first step if you were starting your investment journey today with the knowledge you now possess?

For athletes in pro sports, you have to be careful of the time vs. money situation.

For your situation, it doesn't seem like it needs to be either/or.

In a competitive situation, this isn't always possible or the best recommendation, but in most circumstances you should try and plan for it.First step in due diligence - > PROBING QUESTIONS! 

I’m looking for some help regarding LLCs and having rental properties in multiple states.

Some universities have a housing shortage and some don't, you have to evaluate the situation by you.

My first MF deal is yielding well above expectations, and the value of my investment has increased by a multiple of the membership fee.  

@Kyle Allen so ... far too many unknowns to comment on your situation.

A reasonable basis is required for allocating land and building.Every investor needs to examine their own personal tax situation to determine if it makes sense.