In reality, the insurance payout reduces the adjusted basis.

Just take out $60,000 from the property, reduce your cashflow & ultimately pay WAY less in interest.A Cashout Refinance is sitting around 7% while Credit Card debt is sitting above 20% on average.I know far too many people who regret selling real estate looking back 20 years, but I've yet to come across one who regrets keeping it.

A 1031 exchange doesn’t apply, but funding through a self-directed IRA can defer taxes, though profits from debt financing may trigger UBIT.To reduce taxes, consider forming an LLC for better expense deductions, offsetting gains with investment losses, or holding the property for 12+ months to qualify for lower long-term capital gains rates.This post does not create a CPA-Client relationship.

Additionally, the property includes an outdoor swimming pool.The use of the accelerated depreciation strategy helps real estate investors to reduce the tax liability immediately which therefore increases their bottom line due to the offsetting of income.

Using seller financing allows your in-laws to spread their $217K capital gain over time, reducing their immediate tax burden and helping you conserve cash.

You won't find a deal where you live for free, but if you can live in a great neighborhood at a reduced cost of living that is a nearly risk free way to get started in real estate. 

Would it make sense to reduce risk and use his connections first and invest it that area?

.✅ Reduces Stress & Burnout – Investing should be about building wealth AND freedom.

Learnt lesson not to fully depend on property manager and should have made decision faster by reducing rent .

Ask your PM how to come up with some strategic incentives...possibly listing high and reducing every 7-10 days until it's rented, offer a move in special, a gift card, future rent credit, etc. 4.