Hi BP team,
I’ve been trolling the forum for years and just closed on my first rental property in Philly, a triplex.Close date was 4/15 and no lie, the last 45 days have aged me with stress and anxiety(I’m 27).
I pu...

@Dean VelodotaThis arrangement sounds complicated.An LLC is an entity that is meant to hold business assets.A house-hack is normally an asset that is partially business and partially personal.I don't agree 100% that you can write off the expenses towards your side because that would mean you are attempting to deduct items that are personal in nature.Good luck with whatever decision you decide to report it for tax purposes.

Congrats though, you made a great decision buying it.

Difficult to make decisions, and can become gridlocked. 2.

Any tips or past experiences on either options would be gladly accepted to help make my decision on which route to go with.

These weren't all-encompassing features but enough for me to make a decision.

You should also consider whether you want to sell the improved lot or rent it out as that will have a huge impact on your decision.

They handle all of the legwork, you make the final decision, and you essentially exchange time for x value, which depends on the firm and the individual deal.

If I make the decision to sell this property and take those profits and buy several land contracts (homes for sale by the owner through land contract agreements) will I be able do a 1031 exchange?

Could be the fear of going into a large investment alone that stops people from making a decision.