Together, we negotiated favorable terms with the seller, ensuring a beneficial deal.

Long/medium/short term rental?

This is not turnkey management long term as well.

Together, we negotiated favorable terms with the seller, ensuring a beneficial deal.

Is it hard to get good coverage now?

Hi Bigger Pockets community, wanted to learn more about short term real estate investments, and house flipping from a local in the Seattle area.

Together, we negotiated favorable terms with the seller, ensuring a beneficial deal.

What terms are they offering you?

This can involve public hearings and meeting specific requirements.Surveyor: Hire a surveyor to map the property and define the boundaries of each condo unit.Legal Counsel: Work with a real estate attorney to ensure all legal requirements are met and the condo conversion is properly documented.Financial and Operational Considerations:Condo Fees: Determine the monthly condo fees for maintenance, repairs, and other communal expenses.Insurance: Ensure proper insurance coverage for the condo association and individual units.Reserve Fund: Establish a reserve fund for future repairs and maintenance.Tax Considerations:Initial Purchase with 1031 Exchange: 1031 Exchange Basics: By using a 1031 exchange, you defer capital gains taxes on the sale of your previous property by reinvesting the proceeds into a new like-kind property.Down Payment and Financing: You're putting down $220,000 and financing the remainder at 8% over 20 years, resulting in a monthly payment of $2,593.Converting to Condos and Selling Units:Capital Gains Deferral: The 1031 exchange allows you to defer capital gains on the initial exchange.

I would like to go forward with the seller financing route if I am able to get this property under contract for favorable terms for me.