If you now want to renovate it using BRRR, you will probably need at least 6 months depending on the ability to put money aside and buy the materials and in some cases get the experts to renovate the place you bought.People here on BP tell you that BRRRR OOS is not a good idea, especially when you just started.

I want to be poised to make a move when this inevitable economic dip happens, so I need to build my team now.  

I am far from an expert though, go the CPA route as mentioned above 

I'm open to ideas, thanks in advance.Theres no way to advise you without knowing the roles and economics of the deal like who is putting in the equity and how much?

Are there certain experts, businesses, gurus or local organizations that you are following as indicators of a shift? 

There are plenty of great neighborhoods that have a positive net migration and economic growth. 

However with roommates or a couple living together I always make them sign a Roomate Economic Unit Addendum.

But it all depends on the deal, how fast you can finish renovations, find a buyer, & close.If you’re just looking for long term wealth, then you could do a BRRRR, buy another property and continue on that path.With $40K you could even invest passively in multifamily syndications, and over a 3-5 year period get over 100% of your money back on average.Now every deal is very specific to market conditions & the operator of the deal, but nonetheless, syndication is an easy way to build wealth.With everything going on right now in the economy, I would be weary of jumping right into real estate without first having a SOLID foundation of knowledge in how to accomplish these investments.Things are changing rapidly in the real estate world, and if you aren’t prepared, then you’ll be washed out and broke in no time.You’re welcome to check out our website which explains everything you need to know about multifamily syndications and the market.All in all, if I were you, I would do some more research on whatever method you choose and then become the expert in that niche and your local market before jumping into anything and spending $40K.

No offense, but being on a podcast does NOT make you an expert or right for that matter.DMM is plain and simply dumb.

Either way down or up, it’s always a good thing to buy income producing assets during any economic cycle.