I bought a C* B- 8plex 18 months ago via 1031 exchange with a plan to fix up units, raise rents, and possibly sell in 3 to 5 years.Got a call from an investor with an offer $100k over what i paid for it just a year and a.half ago.Question is, do i sell and pay $75k in cap gains from 1031 and deprecuation, or hang on, rehab units and sell in a few years?

FWIW, you have an FHA hanging out in the wings, which is pretty good for landlords and calculation of income, though you have to refinance out of the mortgage insurance if you didn't do 20% down at the start.I honestly wouldn't mess around yet with all the "go get a commercial loan" type advice.

The overall character of the area is definitely a large factor as it will determine the type of tenants living there/demographics: Yoga/Orange Theory studios, Whole Foods, Starbucks, micro breweries, wine and cheese shops, public parks, bike paths, green spaces, public transportation, good schools, nice restaurants, cranes/new construction, low crime rate, high prices all indicate a Class A area whereas boarded up buildings, lots of Payday lenders/check cashing stores, dollar stores, fast food, liquor stores, homeless shelters, army recruiting centers, addiction recovery centers, industrial areas, dumps, shoes hanging from power lines, junked cars lining the streets, high crime, blight, abandoned buildings, urban decay, burnt out buildings, low prices, low rent, etc. would indicate a Class D area.It's really pretty subjective though, I'm not sure there are universally accepted definitions but rather just people's opinions.

Word it as though there are serious upgrades that need to be done that necessitate the property being vacated.

Otherwise, you will need to hang your license with a different broker that is ok with you doing property management.

It is a bit too big to rent, so not sure it makes sense to hang onto it - but I do have a VA loan so that might be useful, if I can reuse that for the 4-plex.Wife-unit will not be wild about this plan either - although, she does get the whole tax aspect of it. 

I know quite a few investors around me that hang their licenses at a flat rate brokerage, Sand Dollar Realty (and in all honesty I may go that route at some point).

It just is, and if you are going to hang out here, you need to realize that this pretty much their living room. 

With just starting I didn't want to leave this person hanging.

Any investor/agent, where do you hang your license?