Sounds like you're good to go, wishing you lots of good luck on your endeavor! 

It sound like a rental that you sold after ~18mo...To defer capital gains and depreciation unrecapture, you would use a 1031 exchange. 

Sounds like you have an idea already for what you want to do, so you have the first step figured out.

Sounds like a very exciting region to be involved in real estate!

@Lucas Koster Sounds like you're looking for a partner/JV setup more than a lender. 

@Jamie Boyd That sounds a little high for only the shell but unless you have some preliminary drawings to work off of, you're always going to get a high budget.

Setting aside a percentage of the rent for capex and repairs sounds like a good idea, and for some it is a good idea. 

Otherwise, that mortgage is on their credit until it is removed.You can certainly be co-signors on someone's real estate when they buy it for themselves...but this almost sounds like the opposite of what your sister wanted?  

Hey Wes,The world of REI is a great one, but that first one is always the toughest.At least when it comes to the Memphis market, we have a few people at our firm that have personally invested in that area so that sounds great.A lot of great opportunities out there, hopefully you can build a good team and get started and make 2024 a great year.

I agree but if your only buying deals that come to you, it is possible that you could scale significantly quicker if you had someone bringing you actual deals - although it sounds like you have a decent system where deal volume is not an issue, if thats the case then congrats and please share your secret!