Sounds like you have the space if you're even considering it so that's a good start.

A reverse exchange - In this scenario we as the QI for the 1031 take title to the new property and then we can hold it for 180 days while you complete the sale of your old properties. 

the answer i'm giving is based on the assumption that you do not want to / can not float the negative cashflow any longer. and note: even if appreciation / debt paydown / tax benefits strongly outweighed the negative cashflow, most investors wouldn't want to / couldn't float that. so that said, i say SELL. you have just over a million dollars in equity (minus transactional costs when you sell), and you could do a 1031 exchange into a ~4 million dollar CASHFLOWING property. i invest long distance into value-add multifamily on the west side of chicago. gearing up for my next deal right now. in that price range you could easily get a value-add multifamily with potential to cashflow 15k/mo+++ (up to 40k/mo) once it reaches its full potential. it sounds like you're in markets that are probably strong for appreciation and weak for cashflow (with the long term rental strategy). if cashflow is your goal, 1031 into value-add multifamily in a higher-cashflow area. don't let having to pay commissions during the sale stop you. you're already losing so much annually; you have to stop the bleeding at some point. also note that right now, with the way these two properties are losing money, that might negatively affect your borrowing power when you go to buy the family home. feel free to dm me if i can help in any way!

(I was initially focused on Columbia OH and just now moved my focus to Milwaukee)I appreciate your help,ChenHey Chen, I moved to Columbus a few years ago (from Portland, Oregon which was super expensive) to become a full time real estate investor, and ever since, I've completed quite a lot of BRRRRs, flips, and own a successful rental portfolio here in Columbus Ohio.

Anything you build you'll likely be upside down on when the project is completed.

A wake up call for many who have only been in real estate for under ten years and realize not only can they lose money, but they can get completely wiped out and those who started with say $100k investment in 2018 that made 2x are finding that not only is the $100k they made gone but also their original $100k and it will take a bit of time to recover….

If you could spare 30 seconds to complete this survey it would be greatly appreciated. https://docs.google.com/forms/d/1AH2ai2MqrGAzIoOVNtKWQtZkDPN...Thanks

Brandon, it sounds like your property got reassessed.

IMO It is a complete violation of the takings clause of the 5th amendment... but you're going to be in for a world of hurt if you buy into a market with existing restrictions.  

I'd ask them if the handle just jiggles around completely loose, and if that is the case, the wire clip just needs to be re attached - 2 second fix and then wash your hands.