I'm considering doing something very similar, so I would appreciate any insights you may have.

Depending on the size we may partner with 1-2 people so that’s another aspect I am looking into as well.  

I used the 5% down conventional last year for my first multifamily, so feel free to reach out if you have any questions on that.

Right now, the buy-in is so high in NJ, they are locking up deals at prices that aren't sustainable and chasing spreads that are way too big.

Reviewing it, it seems that they are using AI type software to run the exchange.My experience so far with AI software in the tax realm is that it is a far cry from being ready for a lack of human intervention and oversight. 

So what the seller want is that closing in 10 days after acceptance.

Consider attending local real estate meetups or joining online forums where local investors share insights and opportunities.Educate Yourself Continuously: The real estate market is constantly changing, so staying informed is key.

The past couple years they have been tightening up on giving permits for STRs but this year they have the jubilee happening so they haven’t been as hard on it but that could easily change after especially with the move Spain just recently announced and Venice and Florence are cutting back as well.

We do a good job with marketing, so we are able to charge 1/2 mon.

If you can capitalize on those early returns and recycle into another property with similar early trajectory, you will end with much more money over the same period of time.Of course, being able to harvest those gains and recycle in a tax deferred manner helps even more, so you may want to seek out syndicators that are able to offer 1031 exchanges on exit, which is definitely possible.