They've since paid voiding the eviction but I expect we'll need to do it again next month. sigh...One piece of advice is to make sure the rent is appropriate for the condition of the unit. ie, if it would rent for $1200 fully renovated, what's it worth in its present condition.

As I continued to network in my market with wholesalers, other real estate professionals and investors I would always ask them who I should reach out to for help investing in the area while not being present there.

You can combine this with a 1031 exchange and defer the taxable gain from the other 2 units into a new property and have the whole transaction be tax free.

It would be very easy to overpay, particularly in the current climate.You should expect:- Significant Deferred maintenance.

As long as the investment portion of the new property equals or exceeds the value of what you would be able to defer all tax.The only concern is in your use of the word "hobby". 

These are the terms of the contract which I would offer:$20k - Option fee$2100 - monthly rent, $450 of which goes toward equity at the time of purchase.Buyer / tenant on the hook for all maintenance from day 1.2-year lease term.Sale price is fixed up front according to 2-year value projection (present market conditions).

But this presents the risk that they could go either way in the future and your STR could become illegal.

All recommended flashings/metal caps were installed/present and sealants reassed and looking good.

@Lamont Marable find an investor friendly agent and you can get all of these questions answered for free from Someone that wants to earn your business.Adding units is extremely difficult if there is not already a fire suppression system in place or fire walls present.

The thing is that 2 of the houses are rentals and the third will be my primary residence so I'm not sure how to work that.Any suggestions on how to think about, calculate, present back to him the cap rate with one house being primary residence?