Secondly, talk with someone in your area who is experienced in making these purchases.

Purchase price is $60K and estimated ARV is potentially 200-300K.

Our rates are among the lowest in the STR space at this time. and we can do 75% LTV on STR purchases. 

They have their own device you need to purchase and install.

Therefore, the building should be purchased in an LLC, where everyone is a partner, and you can then buy them out at an agreed price. 

@Chris Harwood, You will need to purchase real estate with your 1031. 

Jair keep in mind “ having family” can not counter balance any additional expenses to purchase in Houston vs DFW for instance.

Worth area it is typically 1% of purchase price.

I usually asked a friend or our Realtor, but would’ve preferred to hire a pro, who knew what to look for, as an investor.

I know that :)   I have great credit 740+ FICO, a few flips under my belt and this current project isn't complicated ($110k purchase price, $20k rehab for cosmetic fixes).They pulled credit before my term sheet was issued :(   90% LTV on purchase / 100% LTV on rehab  (What they sent:  65% LTV on purchase / 100% Rehab)Rates starting at 7.49% for 12 mos  (What they sent: 10.49% + 2.75% Loan Orig)We have a tight close date and I have to call the Account Executive everyday to find out what the status of the loan is, term sheet, etc..I'm not sure if I will use them for this project as I have already received 90% LTV for purchase and rehab, 9.49%, 12 mos, 1% loan orig, from another source but I wanted to try them as I heard many good things about them from other investors.