I moved to Colorado and do not have plans to return to NM Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

We plan to DIY and upgrade, and our exit strategy will depend on what rents look like in four years as to whether we hold or BRRR.

If you plan to live in the property, you may have a better (IMO) option of using section 121 to avoid cap gains taxes up to $250k filing as an individual, $500k as a married couple.

Hi Kirk - sounds like a wonderful plan. 

So, my plan is to get a loan or line of credit for the renovation for 18 months and then refinance the entire property when the balloon payment comes due. 

Make sure they have real estate experience as location is not an issue, most of us work remotely assisting RE investors with their tax planning.

If the operator planned 12% annual cash payout and hit 10%, though exceeding the 8% preferred hurdle, they are falling short.

In fact, I go with the highest deductible as possible and plan to only make a claim if something catastrophic happens.Duplexes (in my experience) rarely get broken into once occupied.

I am planning to perform a cost segregation study on the STR's I have purchased to take advantage of the bonus depreciation rules currently in effect to offset the tax consequences of leaving some $$ on the table coming out of my 1031 exchange.

Consider your long-term plans and local zoning regulations carefully to make an informed decision.Good luck!