Hypothetical 1031 Exchange question here for one entity with multiple members: If you have an LLC with three people in it holding a rental and all partners decide / agree / vote to sell...

I personally don't think that will last if rates drop and people jump back in, so I'd say reinvest while prices are "low" right now. 

The space is not very big and I am thinking that more people would be interested in renting it if the bed is there.

I have a meeting with a lawyer in the next few days but I thought it was prudent to also ask for help from people who have already done it.  

However, I would like to know a few things from people that are more experienced:1.

As stated, this is not my lane in the industry.That's an example of why some people get trained.

Just curious to see how people in this community started when venturing into the land and new construction aspect of investing. 

Purchase price: $215,000 Cash invested: $55,000 When we talk about long term rentals the goal is to buy something that people are going to live in 3-5 years with the ability to raise rent over time ahead of insurance, taxes and inflation.

Some people miscalculate returns (cash flow, NOI, IRR, etc) when they ignore capex.

@Ali Harris, this is probably my favorite part of real estate investing: seeing the potential in a property that isn't readily apparent to most other people, and then executing a plan to bring your vision to life - so cool to hear you're exploring this!