I would keep the MFH I purchase and manage OOS. 

You just need to make sure you keep up on the maintenance and make sure everything is kept up.I might also have a 3 or 6 month inspection of the premises.

You also might want to consider using the general asset account (GAA) as a strategy to possibly continue depreciating the property before demolishing and rebuilding.Obviously, once you convert the investment property into a personal residence, you lose out on any further deductions from a P&L standpoint.Feel free to DM me if you have any further questions.

That is really the epicenter of growth in Metro Phoenix for the next decade.Since Metro Phoenix has a healthy inventory of homes in your buy box and interest rates are keeping many buyers on the sidelines, it's a good time to be a buyer in Metro Phoenix.Hope this helps,Melanie

Then I have a personal umbrella for another 2 million. 

Also keep in mind the demographic and needs of the renter you're targeting in the area you buy...there's a big difference in getting a house rental ready vs retail ready.

Just keep in mind that you'll want to consult with a real estate attorney or a tax professional to ensure you're making the right move for your situation.To better understand your specific case, can you tell me which state you're in?

We were looking at some land up the road from there.Cosby is a little out there so personally I wouldn't invest in STRs unless they were off 321.That area is nice and quiet though.

I keep telling my fellow US investors how spoiled the are every time they start complaining about something (taxes, fees, regulations, rent, compliance, etc.) in the USA market ;-) Try making it in Europe and you'll need to toughen up by bringing along more time, patience and expect less yield.

Keep in mind that many people are expecting rates to go down in the next couple years.