🎉I’ve helped clients transition into STR ownership before, and your situation brings up some great questions.

Hi Chris - Congrats on the big transition and welcome to real estate investing!

Sometimes the best investment is found in a 'transitioning' market that is just outside the 'great' market and is in play to be the next great one. 

There are opportunities out there but some strategies are risky. 1 - Airbnb (STR) comes to mind - very competitive, very saturated and becoming highly regulated.2 - Most STRs are transitioning to MTR so that market will be saturated soon if it isn't already.3 - Insurance crisis in florida is getting bad so those costs will eat up cashflow and short term appreciation.

Transitioning from construction equipment rentals into full-time real estate must have been a big step.I can relate to your passion for finding deals and helping others reach their goals—it’s such a rewarding aspect of being in this industry.

There is always a transition period where selling owner stays on and over time new owner transitions into full control.

I'm an experienced project manager with hundreds of cradle-to-grave efforts under my belt, including building project scopes and budgets, evaluating contract proposals, and managing construction to maintain the delivery of high quality products on-time and in budget.Penny is a licensed clinical social worker (LCSW), serving the community mental health needs of parents, children and families.We both recognize we have an immense opportunity to serve our community and want to capitalize on the blessings we have been provided so that we can continue serving our neighbors.My wife, Penny, and I are looking to transition into commercial multi-family real estate in 2025.

This ensures a clean transition of ownership and responsibility for insurance purposes.

I'd target areas near colleges or transit hubs for affordable properties, and I’d look into financing options like FHA loans or creative financing to make the most of my capital.

Some IRS agents may still require filing Form 1065 for 2024, so be prepared to file for this year before transitioning in future years.For Question #3 on Form 8832, you are correct that it asks whether the entity has more than one owner.