The property is livable, but I am account for a pretty significant turn in 4 - 7 years of paint, flooring, and any miscellaneous repairs that the inspector could have missed since it was occupied.

I spent 5 years buying 5 primaries and 5 rentals.

Plus, we’re an Intuit QuickBooks Solutions Provider, so if you do go that route, we can hook you up with a great discount on your first-year subscription, regardless of which plan you choose.

My understanding is that typically, a homeowner must live in the property for at least a year before converting it to a rental.

Verifying last 2 years of rental history very important!

However, purchasing the replacement property from an estate where your mother-in-law is the executor and other heirs are your wife's aunts and cousins raises potential related-party concerns under Section 1031(f).The IRS generally prohibits 1031 exchanges between related parties unless both the buyer and seller hold their respective properties for at least two years after the exchange.To stay compliant and avoid disqualification, ensure:The estate sells the property directly before any distributions to heirs.You hold the replacement property for at least two years.The transaction is conducted at fair market value with no prearranged agreements.Given the IRS scrutiny of related-party 1031 exchanges, consult a qualified CPA or 1031 exchange accommodator to structure the deal properly and avoid potential capital gains tax liabilities.This post does not create a CPA-Client relationship.

We did consider/evaluate that option, and have done multiple flips, but at those points have been under contract since New Year's Eve and carrying costs for another 2-3 months without a guaranteed sale is not the risk we want to assume.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

With the run up on RE prices and boom of STRs over last 5ish years people have been led to believe it is easy and leveraging has minimal risk.

Yelp issued a consumer alert on this Jacksonville PM last year.