It may still be worth considering investing in properties with lower returns in the current market, as building equity, taking advantage of tax benefits, and potentially refinancing later could offset the lower cash on cash return.

. - Permit ConsultantsIn areas where vacation rental dwelling permits or licenses are required (DO YOUR RESEARCH) it can be useful to employ a consultant to process your application or permit.

You are mostly trading out for the piece of mind and the appreciation potential if you came here.

So you basically approach a potential partner, like a luxury designer, wellness practitioner or tour guide and offer to help promote them to your clients. 

Even with this lack of consideration on the sellers part, I feel the property is in a prime location with upside potential, however, with this behavior, it will take longer for us to turn the property. 

I'm considering diverse options for reinvesting the proceeds ($200k+) from a planned 1031 exchange and am open to various strategies:Las Vegas/Reno: These markets offer potential for both cash flow and appreciation, but I'd need more information on their suitability for mid-term rentals and current market conditions.BRRR strategy: This approach could be attractive for value creation, but I'm hesitant about out-of-state management and require a turnkey or experienced team to handle renovations.Other locations: I'm open to exploring other markets offering favorable investment opportunities, particularly turnkey properties or areas with manageable maintenance requirements.My preferences:Turnkey properties: Minimize management headaches and focus on cash flow.Limited appreciation: While some appreciation is welcome, cash flow is the primary priority.Shorter-term rentals: While Airbnb isn't an option in my current area, I'm open to exploring short-term rentals in other markets.Avoidance of major renovations: My recent experience has solidified my preference for well-maintained properties.Current portfolio:3 duplexes in Missouri (mixed performance)1 single-family home in Memphis, TN (turnkey, positive experience)Questions for the community:What are your thoughts on Las Vegas and Reno as potential investment destinations?

We LOVE the idea of Pre Fab, as it’s potentially fast and predictable.

The asset has great potential and is in need of a severe makeover (mainly cosmetic)... there are duplexes in this area that have sold for the same price point with similar units.This deal is a JV with a fellow investor our firm is close with. 

I'd be happy to connect and discuss potential opportunities in Texas.

Just not sure what to anticipate with what the value could potentially be over the next 5 to 10 years if I hold the property instead .