the #1 killer of investment returns is a fat wallet."

We would eat the capital gains tax losses and fees from the sale, but we could hopefully match or beat the cash flow from CA property, diversify into several units, and have more room for appreciation.3.)

When I first started I was sleeping on an air mattress and eating ramen noodles and spending all my time learning about wholesaling.

Now flash forward about two years to where we are now, and the purchase price of a fix and flip in FS is going to be a considerable amount more in most cases than it was just two years ago- the numbers here might not make as much sense then in this case (it's certainly going to eat away quickly at your ROI).

The other state - here Florida - will still the taxes on that rental income, and the filing fees and time might eat up any savings that you might have if you were to just file as a New York entity.  

Is it time to eat capital gains, sit on cash and wait for the market to cool off a bit?

I don’t even see turnkey rentals as a passive activity - it will eat up my time for meager cash flow that I can live without.

When I poop, eat. shower (who am I kidding...

The personal belongings can already be declared abandoned and I can do with them what I want, so an eviction only serves to add another layer of formality but it also eats up time and money.I just want the stuff out.

(they don’t want it back and to move it themselves, they want you to sell it and come back for more business) Now considering the number of properties funded at any given moment and the ROI these HML’s are getting, it would be quite an extraordinary thing to go through this entire process and not having them work with you on this (because the amount of money stood to be lost in these proceedings eats back into the amount derived from things such as an extension on the loan and simply charging you points for doing so) Again, the ‘worse case scenario’ here I’m describing.Having said ALL of this and hopping over to PMI- this really depends on your PMI source- it could be easily assumed that for some people, working with the 'Frist Bank of Mom and Dad' as your PMI would be less complicated and seem less cumbersome (not in all cases and 'mom & dad; could be anyone) Odds are if they aren't related to you the ROI they expect could be much higher than a relative (on avg it seems maybe around 10%+, whereas a family member may ask for prime alone or something like .5%-1% above prime) My best advice would be to speak with possible PMIs you may already know as well as HMLs and simply become educated on what their requirements are- knowing what you qualify for, or alternatively don't (if you can take HMLs off the table right away knowing before you apply you don't qualify, it's going to save time in working your PMI angle faster) The single MOST important thing to keep in mind above all else is this; no matter who you work with PMI or HML- keeping lines of communication open is virial to not only the deal, but any future deals you will have with them (as they are financing) - IF anything looks like it's going to go wrong (say missing a payment) let them know so they can work with you and NEVER against you Hope this helps!