Hello,My partner is planning on selling her condo, however, I am in the midst of purchasing my first property and we plan on living together.

Our plan would be to have the seller evict them, take out a short term loan to remodel the first side quickly and live in the 2nd side for a year all the while slowly remodeling the 2nd side as well. 

And should your plan include a later sale, you will have to pay back all that depreciation at a possibly hight tax rate.

The seller needs moving money, there are oftentimes an arrears that has to be paid on the loan, there are oftentimes HOA fees that are due, there are title costs, there are escrow costs, usually there is deferred maintenance, you have to make mortgage payments out of pocket until you get a renter in there, you have to pay utilities and taxes, and you need reserves in case it all doesn't go as planned.3.

How did you determine the ARV for the property…in other words…what you plan to sell it for?

If my plan were to continue with OOS properties, I'm sure I'd keep searching here or just go through OCF...but I made the decision to stick with my local area and a few overseas locations.It's also important to be realistic about what kind of return you will be getting with a TK investment....Anything in double-digits is unrealistic for any TK, IMO. 4-6% return is more realistic. 

Now for planning purposes I spread the sizes of properties I have in this market.

As I get more confident in my real estate knowledge I plan to actively learn by going to real estate meet-ups and meeting up with some local investors. 

Hi @Sahil Raina I would suggest a LLC if for sure neither of you plan to live in it.

The plan is to sell primary residence in order to have the equity in cash and utilize that cash to fund the multi family purchase and have operating capital.