If you’re looking for steady rental demand and manageable property prices, it’s worth considering.Best of luck with your search!

I'm not counting those since I don't manage them, but I typically avoid cities and states with laws antagonistic to landlords.

But, if a cost-seg study is done on the old property, you can manage Sec. 1245 recapture tax by doing a study on the new property to confirm it has as much or more Sec. 1245 property.You cannot swap a fully depreciated gas station for a raw piece of land and avoid recapture - you must replace all the 1245 and 1250 property.3) OZ - Sure you can defer your capital gains for a few years into an OZ fund, but the magic of OZ investments is the ability to achieve tax-exempt growth after a 10-year holding period.

From experience, finding a knowledgeable accountant is key for handling taxes effectively, especially when splitting expenses, claiming deductions, and managing depreciation.

I am a broker and property manager up here in Clarksville, TN.

After 45 + years as a real estate investor, broker, lender, fund manager and syndicator, I’ve become aware that the “dream” of many investors and investor “hopefuls” is to be able to generate enough cash flow to live off their real estate holdings and accumulate enough wealth to make “work” optional.

The insights shared by the Realtors, @Zeke Liston, @Jimmy Lieu, @Nathan Gesner, @Samuel Diouf, @Sam McCormack, @Min Zhang provide a solid foundation for anyone starting out in this industry.From a property management perspective, it's great to see you're considering the long-term rental strategy.

You're not in the position to be a cash buyer...as a former wealth manager, it's simply not a good play for you for many of the reasons stated above and more.  

In this case, you would draft an operating agreement that specifies each partner's role—your friend providing the cash and you handling the rehab and management—and that profits and ownership are split evenly.

The way that I have done this in Costa Rica has been to bring in several partners on a high end luxury property who would like to own a part of a property that they can use and enjoy but that they don’t have to manage by themselves.Each of the properties that I own are at a million or higher or will be soon.