Due to the market conditions I wanted to have a good amount of equity in the building so I only refi'd 50% of the purchase.

Any amount above the annual gift tax exclusion ($17,000 for 2023) counts against your lifetime exemption.

@Johnny Lynum we did offer them an aggressive cash for keys amount to get them out as soon as possible.

The insurance payouts over last years, it's just a mind boggling amount.

Brandon,Check out Indiana & Ohio for states that you can buy 2-3 for that amount of liquid reserves. 

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

If you can save up for a slightly higher down payment your margin for success will be significantly higher.Also, I strongly agree with the "buy the worst in a great neighborhood, live in the worst unit of the triplex and slowly fix it up yourself."

You'll want to get a tax estimate if you sold in 2024 so you can pay in the appropriate amount of tax (Assuming you didn't do a 1031 exchange).

There's also a good amount of manufacturing hubs here.

I am perfectly fine holding X amount in real estate.If I do see an opportunity another option is to lock it up and sell one of my existing if I think this property will perform or appreciate significantly more.