Your first investment is best around your living situation.6.  

Hey @Deborah Williams, Multifamily Live is a virtual event from May 9-11th.

The problem with that is two-fold: first there are likely existing assets that are not replaced that qualify for shorter asset lives so you're leaving money on the table, and second you have no cost basis for the removed assets replaced in the remodel as they're intertwined with the initial building cost basis so you'd technically still be depreciating retired assets which is tax fraud. 

So from 2025, I’m thinking of living upstairs and running bottom floor (half of total RSF) as an STR.

This is a big deal since we live in the same lot with my family and I’m renting out my ADU.  

Hey Mario, yes out-of-state investing can work well especially if you're in a high cost of living area.I invest in Detroit and live in California.

My goal is to live in this first property for at least 12 months (but realistically a few years) and have a roommate in the second bedroom to help offset the net costs.

Hello,So, we put this property under contract with a wholesaler, after a month, the contract expire today, and we can not close this deal, because the sellers have been unresponsive to the wholesaler. the wholesaler asked me if I wanted to extend the contract, but these guys trying to contact the sellers for the last two weeks now, and no response.What do you think we should do in this situation?

However, there are tenants that have lived in at least one of the units that have been there for over 20 years.

This could be attributed to the higher quality of life, better schools, and overall satisfaction with the living conditions in the more upscale areas and there is no thing like 0 vacancy.