I was fully prepared to go to Memphis and take over the project because I was left in the dark.

The swift execution highlighted the value of preparation and timing in profitable real estate investments.

It's not the most exciting part, but future-you will thank present-you for being prepared.

Be prepared to defend it if the stuff hits the fan.4.

Lots to think about and prepare for.

@Josh Hollman To tackle your $100K credit card debt and prepare for a second rental, consider using a HELOC or Home Equity Loan on your primary residence to consolidate the debt at a lower interest rate.

Just food for thought from a friend who owns a larger development company...

Additionally, I don't believe Form 4797 should be generated for this transaction.Please confirm that, for reporting a 1031 exchange from one residential rental to two residential rentals, I need to prepare a separate statement and only complete lines 19 through 25 on Form 8824.

To prepare I would get a good understanding of what each partner can contribute to the purchase (cash/sweat equity) as well as the division of labor.

Being open to and prepared for constant learning only makes investing run more smoothly.