I’m looking to buy some single or multi family units for long term rentals that would provide at least a moderate degree of cash flow.  

IMHO in order to secure the best terms, you'll want to stick with W-2 for the purchase.

We have had a Strctural Engineer out to the property and while we don't need to conduct repairs within the next 5 years or so, we will need to address both of these things at some point and it will likely cost us about 100k.Any advice on selling or holding for the long term?

We are not first time home buyers but have three single family homes ( rental) properties in California but want to buy our first apartment complex out of state for generating  cash flow for the long term.

If you sell a property in one year or less after owning it, the short-term capital gains is taxed as ordinary income, which could be as high as 37 percent.

That $400k property probably has a very short and realistic path to getting to $500k in value.

@Leo R AriasI am assuming he is a licensed contractor and you have a contract that has a schedule in it.First you can file a complaint with the licensing board then terminate him for cause - but it will cost you 3x the $ probably to fix everythingYou have been too patient with this.

I'd love to try the mid term rental strategy with the property we find.

Who knows what could be coming next in terms of legislations.

It's her 7th month running for a 1-year lease contract.