I’m very close to entering the STR market and I may very well be taking a major risk and loss being too late to game but i did decide to do what you recommended (before seeing this post).

JayJay, thank you for this post!

Fortunately, the situation I posted about that started this thread is well behind me now.

@Jazmine MelissariCan’t delete posts so, just adding.

Hello BiggerPockets Community,This is my very first post here and I'm really excited to be a part of the community. 

.: Backing out of the rule of thumb, you can’t pay more than about $378k for this property, Juan.Keep looking.Late post, but it ended up being bought way over at $545K and sold 5 months later at $760K 

Hi, This is my first post here and this would be our first real estate investment purchase, if we go through with it.

As applied to 1031 exchanges, the most relevant exceptions that allow you to disregard FIRPTA include:You (the Buyer) are going to be using the property as your principal residence, and the fair market value is less than $300,000The Seller provides you with a Certificate of Non-Foreign Status (meaning that FIRPTA does not apply)If the foreign Seller obtains a FIRPTA Withholding Certificate by filing Form 8288-B.It is important to note that the foreign Seller cannot submit the Form 8288-B until there is a valid real estate contract.

Ron, your post leaves some questions for sure ...

Financial Success: Listed at $400,000, aiming for 5x on original investment of $50,000, post-mortgage.