I eventually want to be financially free to experiment as an entrepreneur, and escape my 9-5 to do real estate full-time.

Question:   - How do I convert my primary residence to an investment property to eventually do a 1031 Exchange and purchase a multi family?  

Was a realtor for 4 years, family has lots of property here - Commercial/Airbnb’s/downtown properties/multi family/single family converted to multiple Airbnb’s.

In other words, in most cases, a 50/50 split will eventually lead to problems once the partner that does most of the work realizes this...too late.1 - List all the roles the partners will be doing, write it down.2 - assign numbers to each role based on how each one is more/less important or time consuming than the others. 

Primary residence gain is not taxable (to certain limits), so when you convert to investment property, you convert at a higher basis. 

Ideally, once the rehab and construction is complete, it automatically converts to a perm loan (thereby avoid the need to refinance the property). 

As we get more reviews and eventually get bumped to super host status we expect those numbers to improve a little, too.

Renovate and convert units to Short Term Rentals (ongoing).

We have cleaned out the three (3) outbuildings and renovated one unit and converted to a Short Term Rental as a proof of concept.

When buying a STR be able to sale retail or convert to a LTR.