We have a $500k HELOC currently @ 9% we haven't used. we recently renovated and expanded this house so our basis is prob $1.5M so we're hitting the home exclusion cap.Potential to buy a new home in town (kids still need 4 more yrs before going to college) for $1.2M with some work needed and potential to expand a bit.Thinking we should sell home, take $500k tax free, put down 20% on new home so paying more in total mnthly payments but mainly in interest.

Wholesale Deal under contract in Bryan ,txit is a vacant trailer on a lot both owned by the Ownerunder contract for 55k needs 10k to repair get it rented outall together 65k to get the property and get it operational investor next door door similar situation got the trailer and lot for 64k repairs included.

This is a question I get all the time from investors, and let me start out by saying that I almost exclusively deal with residential Real Estate.

This includes schools, neighborhood feel, whether the houses in the neighborhood are well maintained and whether the specific house is one she would want to raise kids in. 

We are fairly new to real estate investing we have 2 long terms and want to buy our first STR we would love to connect with an experienced STR investor that self manages.

FHA Stress Test (self sufficiency test) for 3-4 unit properties.

It is becoming a lot for the 80-year-old owners who are expecting greater costs in time and dollar (self managed).Is there any creative deal structure that can be used so that I can buy and occupy the home including the assumed improvements, repairs and maintenance, while allowing the seller to preserve the step-up tax shield for their descendants?  

Then create the lease and include copy of the unit condition move in inspection (completed by you and signed).

Self performing can reduce your costs which may help your initiative but you have to weigh the time that goes into the rehab against lost production at your W2 job. 

If you're not quite ready to self manage, I'd also meet with 1-2 other property managers just so you feel confident about whatever decision you make.